Mumbai (Maharashtra) [India], October 16 : Gujarat Chief Minister Bhupendra Patel on Thursday performed the bell-ringing ceremony at the Mumbai National Stock Exchange to mark the listing of Surat Municipal Corporation's Municipal Green Bond, in the presence of Mayor Daxesh Mavani.
On this occasion, the Chief Minister stated that through the issuance of green municipal bonds worth ₹200 crore, Surat Municipal Corporation has involved citizens as partners in green and sustainable development. The oversubscription of Surat's Green Bond by eight times reflects investors' enthusiasm for investing in green bonds.
The farsighted planning of Surat Municipal Corporation will further accelerate the city's development. He mentioned that in line with Prime Minister Narendra Modi's goal of achieving a net-zero carbon footprint by 2070, the state government has placed special emphasis on green growth and green mobility. Under the leadership of the Prime Minister, India has maintained a commendable balance between ecology and economy.
Under India's G20 presidency, with the message of 'One Earth, One Family, One Future', member countries have also prioritised the Prime Minister's vision of sustainable development and green growth.
The Chief Minister added that the Prime Minister has resolved to build Viksit Bharat by 2047. To achieve this vision, Gujarat has initiated multiple developmental dimensions, including the roadmap of 'Viksit Gujarat @2047'. The Prime Minister has always been a strong proponent of public participation. Both the central and state governments have been committed to making governance effective with a focus on public welfare.
Highlighting that Surat city and its Municipal Corporation have become models in cleanliness and green mobility nationwide, the Chief Minister congratulated the officials of Surat Municipal Corporation. He further stated that for the first time in the country, a public issue of municipal green bonds with international green certification has been launched, and Surat's 'Municipal Green Bond Issue' has drawn significant international interest from global investors. The Corporation has successfully combined excellent urban planning with public participation.
He emphasised that Green People's Financing will become an exemplary model of green growth. This initiative will not only prove financially beneficial for the city but also have a positive impact on the environment. He expressed confidence that the Surat Municipal Corporation's initiative will serve as an inspiration for other cities.
On this occasion, Mayor Daxesh Mavani stated that this initiative will become a driving example of sustainable energy to realise the Prime Minister's vision of development by 2047. Surat represents mini-India, and everyone has contributed to its growth. Surat city has so far received 14 different awards and will soon become one of the best cities in the world with green energy.
Surat Municipal Corporation had issued ₹200 crore worth of listed, taxable, redeemable, secured non-convertible municipal bond debentures. These green bonds opened for subscription on 6th October 2025 and closed on 9th October 2025. During this period, the issue received ₹800 crore worth of subscriptions against a demand of ₹200 crore, leading to bond allocation through a draw system. In the retail sector, the corporation invited offers for ₹30 crore worth of bonds, constituting 15 per cent of the total issue.
Surat Municipal Commissioner Shalini Agarwal, while welcoming all, stated that Surat Municipal Corporation has launched the country's first internationally certified green bond. The funds collected through this green bond will be utilised for environmental conservation and for projects related to green energy. Additionally, the funds will support solar power projects, water conservation initiatives, and green transport projects, making green bonds a key resource for sustainable urban growth.
Managing Director of the National Stock Exchange, Ashish Chauhan, congratulated the Government of Gujarat and Surat Municipal Corporation for the successful listing of the green bond.
On this occasion, the Government of India's Sujit Singh, dignitary N.K. Mehta, Chief Minister's Secretary Vikrant Pandey, along with officials and office-bearers of Surat Municipal Corporation, were present.