The Nashik Municipal Corporation (NMC) has officially entered the public debt market with the launch of its maiden green bond issue. This landmark financial move is designed to fund critical infrastructure and environmental projects ahead of the 2027 Simhastha Kumbh Mela, a massive religious event expected to draw millions of pilgrims. The public issue follows a highly successful private placement in late 2025. During that phase, the NMC "Clean Godavari Bonds" were oversubscribed 3.95 times, demonstrating robust institutional appetite. As of February 23, 2026, the Nifty India Municipal Bond Index reflects a healthy average yield of 8.28%, signaling a stable and maturing environment for city-level debt instruments in India. **Key Issue Details** The new green bonds are structured as taxable, unsecured, and non-convertible debentures. They carry a face value of 1,000 INR per bond. The public subscription period is set to open on February 25, 2026, and will remain active until March 2, 2026. Investors are offered an attractive return of 8.05% per annum. To encourage retail participation, the minimum investment is set at 10,000 INR. This move allows local citizens to contribute directly to the city’s transformation while earning competitive fixed-income returns. **Strategic Project Allocation** The proceeds from this 200 crore INR issuance are earmarked for vital sustainability projects. A primary focus is the Mukane Water Supply Scheme, which includes the construction of a new 274 MLD water treatment plant at Vilholi. Funds will also support the development of a gravity-based transmission main to Gandhinagar, Sadhugram, and Nilgiri Baug. These projects are essential to ensure a reliable water supply for the surge in population during the Kumbh Mela and to provide long-term service continuity for the city's residents. **Market Context and Incentives** Nashik’s bond program is part of a larger trend in India’s municipal finance sector. The market is projected to reach annual issuances of 2,000 crore INR by the end of the 2026 fiscal year. Furthermore, recent guidelines by the RBI now allow municipal bonds to be used as collateral for repo transactions, significantly increasing their liquidity. The NMC is also leveraging central government support. By utilizing the bond market, the corporation qualifies for incentives under the AMRUT scheme and the Urban Challenge Fund. These subsidies can reach up to 76 crore INR per bond issue, effectively reducing the net interest burden on the municipality and making the borrowing highly cost-efficient. This issuance positions Nashik as a leader in innovative urban financing. By blending spiritual heritage with modern financial tools, the city is securing the capital needed for permanent infrastructure that will serve the community long after the 2027 festivities conclude.