Ujjain Signs ₹643 Crore Loan For Simhastha 2028

The Ujjain Development Authority and Indian Overseas Bank have signed a memorandum of understanding for a term loan of ₹643.39 crore to develop temple infrastructure, pilgrim facilities, and heritage-related infrastructure in Ujjain ahead of the Simhastha 2028.

The loan will partially finance 11 temples, ghat, and heritage projects, with a total estimated cost of ₹1,124.52 crore. The Ujjain Development Authority plans to raise an additional ₹200 crore through a public issue of Temple Bonds.

The projects aim to improve facilities for pilgrims, upgrade temple and ghat infrastructure, and develop better urban infrastructure in Ujjain. Approximately 40 crore pilgrims are expected to visit Ujjain during Simhastha 2028.

The loan signing ceremony was attended by Chief Minister Mohan Yadav, cabinet ministers, and other officials. The Madhya Pradesh government and Ujjain Development Authority are committed to developing world-class infrastructure for the event.

The amount borrowed by the Ujjain Development Authority will be repaid from revenue generated by the 11 projects. However, the authority will retain primary responsibility for repaying the principal, interest, and other amounts due.