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Mumbai: The Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis , on Tuesday took a crucial step to accelerate the Virar to Alibaug Multipurpose Motorway (VAMMC) project by approving the procurement of Rs 37,013 crore loan from the Housing and Urban Development Corporation (HUDCO), backed by a government guarantee. The cabinet also decided to shut down the defunct state-run asset reconstruction company, MAHA ARC Limited.

The 126.3-km corridor aims to link key industrial and logistics clusters in Mumbai and its suburb, including Jawaharlal Nehru Port Trust and the upcoming Navi Mumbai International Airport, with the Mumbai Trans Harbour Sea Link. The project will be developed on a build, operate and transfer (B

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