MUMBAI: The state government on Monday issued a GR to set up the Maharashtra State Infrastructure Development Corporation (MSIDC) for quality and speedy maintenance and repairs of roads.
The share capital of this corporation will be Rs100 crore and 51% government share will be made available in a phased manner, officials said.
The state cabinet had cleared the setting up of the MSIDC earlier this month. “The newly setup corporation will have authorised capital of Rs100 crore and approval is being given to provide 51% share capital of the government share in a phased manner.
Supplementary funds for development and maintenance of roads and buildings will also be raised by the corporation,” the GR stated. Apart from PWD, road and bridge work is carried out by MSRDC.