Mumbai : The Maharashtra government on Wednesday approved a state guarantee of Rs 3,000 crore for a loan from central finance firm HUDCO to acquire land for setting up an International Business and Finance Centre (IBFC) in Nagpur.

The ambitious project, part of the 'New Nagpur' initiative, will be developed by the Nagpur Metropolitan Region Development Authority (NMRDA) on approximately 692.06 hectares of land in villages Godhani (Khurd) and Ladgaon (Khurd) in Hingna tehsil.The state finance department issued a Government Resolution (GR) following a cabinet decision taken on September 3 on giving guarantee. Read Also 'Will Stop Trains If...': Former Minister Bachu Kadu After Bombay HC Orders To Vacate Wardha Road...

According to the GR, it has been decided to borrow a total of Rs 6,5

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