In a landmark moment for urban governance and sustainable finance, Maharashtra Chief Minister Devendra Fadnavis on Tuesday led the bell-ringing ceremony at the Bombay Stock Exchange (BSE) to mark the official listing of the Pimpri Chinchwad Municipal Corporation’s (PCMC) Green Municipal Bond – Secured Non-Convertible Debentures (NCDs). He was joined by Deputy Chief Ministers Eknath Shinde and Ajit Pawar, who participated in the celebration of what Fadnavis called a "historic and defining moment in India's urban development and financial innovation."
Hailing the listing as a major milestone in municipal financing, Fadnavis praised PCMC for becoming the first municipal corporation in India to issue green bonds. “I was informed that bonds worth over ₹100 crore were subscribed almost immediately after issuance, with the final subscription exceeding expectations by more than five times,” he said.“This isn’t just a listing—it’s a powerful message. It shows that when transparency, efficiency, and vision align, citizens and investors are willing to place their trust in local governance,” Fadnavis added.
The Chief Minister credited Prime Minister Narendra Modi’s vision for enabling municipal bodies to tap into capital markets, highlighting that the PCMC green bond initiative aligns perfectly with the Centre’s broader agenda of empowering local self-governments and promoting sustainable infrastructure. “Thanks to the Prime Minister’s foresight, urban local bodies now have the tools to independently raise capital for sustainable development. Pimpri Chinchwad has taken a bold and pioneering step forward,” he said. Special recognition was given to PCMC Commissioner Shekhar Singh and his team for successfully executing the bond issuance and listing process. Singh described the listing as “a proud and transformative moment” for the civic body and the state, reaffirming PCMC’s commitment to sustainable and responsible growth.Deputy Chief Ministers Eknath Shinde and Ajit Pawar joined Fadnavis in presenting awards to key contributors who played a significant role in the success of the initiative.The listing of PCMC’s green municipal bonds marks a pivotal shift in how Indian cities can finance infrastructure—through transparent, market-driven mechanisms that