Pimpri Chinchwad Municipal Corporation (PCMC) has listed ₹200 crore worth of green bonds on the Bombay Stock Exchange (BSE), becoming the first civic body in Maharashtra to do so and only the fourth in the country after Indore, Surat, and Ghaziabad.The funds raised will be deployed towards the city’s ambitious Harit Setu initiative, a multi-phase infrastructure development project envisioned to overhaul urban mobility and road networks in Pimpri Chinchwad.
The project forms a key component of a broader 12-year city master plan designed to prioritise inclusive, pedestrian-friendly, and environmentally sustainable infrastructure aligned with international urban design standards.The bond listing was ceremonially marked by the presence of senior state leadership, including Maharashtra’s Chief Minister, Deputy Chief Ministers, and top city officials. PCMC Commissioner noted that the bond issue, offered via private placement, received a strong response from institutional investors and was oversubscribed by over five times, signalling robust market confidence in municipal-led climate resilience efforts.
Structured as up to 10,000 secured, rated, listed, taxable, and redeemable non-convertible green bonds, the issue included two separately transferable and redeemable principal components, each valued at ₹2 lakh. The bonds carry tenors of four and five years, offering a structured financial instrument for investors seeking returns aligned with green objectives.According to civic officials, Harit Setu aims to demonstrate scalable last-mile and first-mile urban transport solutions with a focus on multimodal integration. In practical terms, this includes creating dedicated spaces for pedestrians and cyclists, enhanced connectivity for public transit systems, and more equitable road usage. The initiative is expected to significantly improve liveability metrics in the industrial belt and reduce the region’s carbon footprint.
Speaking at the listing event, officials reaffirmed that Harit Setu is not only a forward-looking infrastructure programme but also a financial innovation showcasing how local bodies can independently access capital markets to fund green, citizen-centric urban transformation.The Pimpri Chinchwad green bond issuance represents a shift in the financial autonomy of municipalities, especially in rapidly urbanising regions like Pune’s twin city, where demands for transport, housing, and ecological balance are intensifying. The move is being seen as a blueprint for other cities in Maharashtra and beyond, as climate finance becomes a core tenet of urban governance.
With the successful mobilisation of climate-aligned capital through the BSE, Pimpri Chinchwad has positioned itself as a frontrunner in India’s evolving municipal finance landscape—demonstrating that cities can be engines not just of economic activity, but also of climate responsibility.
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