In Madhya Pradesh, the Housing and Urban Development Corporation Limited (HUDCO) has inked a significant non-binding Memorandum of Understanding (MoU) with Madhya Pradesh Urban Development Company Limited (MPUDCL) to channel ₹1 lakh crore in financial assistance. This massive investment, spanning five years, aims to accelerate various housing and infrastructure projects across the state. The MoU was formalized on Friday in Indore.
Under the agreement, HUDCO will not only provide substantial financial support but also offer crucial consultancy services and capacity-building assistance, ensuring the effective planning and execution of the proposed projects. The signing ceremony saw the presence of high-ranking officials, including the Chief Minister of Madhya Pradesh, the Minister of Urban Development and Housing, Madhya Pradesh, and the Chairman & Managing Director of HUDCO. This collaborative effort is poised to significantly bolster urban infrastructure and improve living standards in the state.
The state-owned financial institution, HUDCO, recently reported robust financial performance, with a 4% year-on-year growth in net profit, reaching ₹728 crore for the quarter. Its Net Interest Income (NII) surged by 26% to ₹962 crore, and Assets Under Management (AUM) expanded by a notable 35%, exceeding its guidance. The company also demonstrated improved asset quality, with a decline in both Gross and Net Non-Performing Assets.
This strategic partnership underscores a strong commitment to sustainable urban development and equitable growth, fostering essential infrastructure and housing for the residents of Madhya Pradesh.
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Madhya Pradesh HUDCO Inks Rs1 Lakh Crore MoU For Housing Infra
