Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Thursday positioned the state government as a dependable borrower with an extensive pipeline of infrastructure projects. He used the platform of Emirates NBD's acquisition of a 60% stake in RBL Bank to seek global capital for what he described as a $100 billion opportunity.
Appeal to international lenders
Speaking at an event in Mumbai attended by Emirates NBD Vice-Chairman and Managing Director Hesham Abdullah Al Qaseem and Group CEO Shayne Nelson, Fadnavis made a direct appeal to international lenders to partner with the state in funding large-scale projects. "Apart from the private sector, the government is also one sector which is safest to lend to. We never default," Fadnavis said, underlining the state's repayment credibility. He added, "And I have a project pipeline of 100 billion dollars. Maybe we can go together."
Emirates NBD's landmark investment
The remarks came as Emirates NBD announced a landmark investment in RBL Bank, marking the largest foreign equity acquisition in India's banking sector and signaling growing financial ties between India and the UAE. Fadnavis pointed to the role of State Bank of India in backing Maharashtra's flagship Samruddhi Mahamarg project as evidence of the state's credibility. He said SBI was the first lender to support the project and that it now stands as proof of the viability of lending to the state. "SBI can tell that we are the best customers," he said.
Global investor confidence
Framing the transaction as a sign of global investor confidence, Fadnavis said the deal reflects the strength of India's growth story and the deepening economic relationship between India and the UAE. He added that such large-scale equity infusions would pave the way for greater foreign participation in India's banking sector, strengthening capital availability and supporting economic expansion.
Maharashtra's economic significance
Highlighting Maharashtra's economic significance, the Chief Minister said the state contributes about 14% to India's GDP and attracts nearly 40% of the country's foreign direct investment, positioning it as a key destination for global capital. He also expressed confidence that the fresh capital infusion into RBL Bank would enhance its lending capacity and enable it to expand into new areas, including potential partnerships with the public sector.
Fadnavis's remarks signal a broader push by Maharashtra to tap global liquidity pools for infrastructure financing, positioning the state government as a low-risk borrower with a large pipeline of bankable projects.
