Chief Minister Shri Bhupendra Patel:
• Under the leadership of the Hon’ble Prime Minister, India has maintained an excellent balance between ecology and economy.
• Surat city and the Surat Municipal Corporation have emerged as a model in the fields of cleanliness and green mobility.
• The ‘Municipal Green Bond Issue’ of Surat Municipal Corporation has generated significant international interest from global investors.
Chief Minister Shri Bhupendra Patel ringed the bell at the Mumbai National Stock Exchange to officially list the Municipal Green Bond of Surat Municipal Corporation in the presence of Mayor Dakshesh Mavani.
On this occasion, the Chief Minister stated that through the issuance of ₹200 crore Green Municipal Bonds, the Surat Municipal Corporation has made citizens active partners in green and sustainable development. The 8-times oversubscription of the Green Bond reflects the extraordinary enthusiasm of investors. He added that the corporation’s farsighted planning will accelerate the development of Surat city.
Highlighting the state’s commitment to achieving the Hon’ble Prime Minister’s target of Net Zero Carbon Footprint by 2070, the Chief Minister said that the state government has placed special emphasis on green growth and green mobility. Under the leadership of the Prime Minister, India has successfully maintained a harmonious balance between ecology and economy.
He further said that during India’s G20 presidency, with the message of “One Earth, One Family, One Future”, member countries also prioritized sustainable development and green growth as envisioned by the Prime Minister.
The Chief Minister also added that Prime Minister Shri Narendra Modi has resolved to build a “Developed India by 2047.” To achieve this vision, Gujarat has launched several developmental initiatives, including the “Viksit Gujarat @ 2047” Roadmap. The Prime Minister has always emphasized people’s participation. The joint efforts of the state and central governments aim to make governance more effective and impactful.
Emphasizing that Surat city and its municipal corporation have become national role models in cleanliness and green mobility, the Chief Minister congratulated the corporation officials. He noted that for the first time in the country, internationally certified municipal green bonds have been issued through a public issue, attracting strong global investor interest. The corporation has effectively combined public participation with well-planned development strategies.
The Chief Minister remarked that “Green People’s Financing” will become an excellent example of green growth. This initiative will not only prove financially beneficial for the city but will also have a positive impact on the environment. He expressed confidence that Surat Municipal Corporation’s initiative will inspire other cities across the country.
On this occasion, Mayor Dakshesh Mavani stated that Surat’s sustainable energy initiative will be a driving example to realize the Prime Minister’s vision for development by 2047. He said, “Surat is Mini India — everyone has contributed to its development.” The city has already received around 14 different awards, and the goal is to make Surat the best green energy city in the world.
Surat Municipal Corporation has issued ₹200 crore of listed, taxable, redeemable, secured, non-convertible municipal bond debentures. The Green Bond opened on October 6, 2025, and closed on October 9, 2025. Against the demand of ₹200 crore, subscriptions worth ₹800 crore were received. Hence, the bond allocation will be done through a draw system. In the retail segment, the corporation offered 15% of the total bond amount, i.e., ₹30 crore.
Welcoming everyone, Municipal Commissioner Shalini Agarwal stated that Surat Municipal Corporation is the first in the country to issue internationally certified Green Bonds. The amount raised through these bonds will be used for environmental conservation and green energy projects, including solar power projects, water conservation initiatives, and green transport infrastructure.
Managing Director of the National Stock Exchange, Shri Ashish Chauhan, congratulated the Government of Gujarat and the Surat Municipal Corporation for the successful listing of the Green Bonds.
The event was attended by Sujit Singh from the Government of India, eminent personality N.K. Mehta, Principal Secretary to the Chief Minister Shri Vikrant Pandey, and several officials and office-bearers of Surat Municipal Corporation.
