Reliance Infrastructure gets Rs 7,000 crore Versova-Bandra Sea Link project

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It is believed that the Versova-Bandra Sea Link project will cut down the commute time for Mumbaikars from over 90 minutes to ten minutes.

Versova-Bandra Sea Link, with a length of 17.17 km, will be three times the length of the Bandra-Worli Sea Link which is 5.6 km long. (File photo)

In a major development Reliance Infrastructure has won the Rs 7,000 crore Versova-Bandra Sea Link (VBSL) project, the company said on Wednesday.

The 17.17 km project will be commissioned in 60 months from the appointed date of June 24, 2019, given by the MSRDC (Maharashtra State Road Development Corporation).

It is believed that the Versova-Bandra Sea Link project will cut down the commute time for Mumbaikars from over 90 minutes to ten minutes.

VBSL, with a length of 17.17 km, will be three times the length of the Bandra-Worli Sea Link which is 5.6 km long.

Punit Garg, ED and CEO, Reliance Infrastructure, said, “This project will further propel Reliance Infrastructure as a premier E&C company in India. Our partnership with Astaldi S.p.A, the third biggest construction player in the world in bridges, will help us create a truly world class mega infrastructure project for Mumbai.

“Reliance Infrastructure says that they have already completed the works related to soil investigation, in partnership with M/s. Fugro Ltd, and engineering design, in partnership with M/s. Dar Al Handasah,” he added.

The MSRDC is expected to finalise the location of casting yard for the work to start on the project.

Reliance Infrastructure maintained that it bagged the project in a highly competitive bidding at each stage.

The company asserted that their partner in the project, Astaldi S.p.A, is the world’s third largest player in bridge construction. The largest order executed by them is Izmit Bay Bridge (Gebze-OrhangaziIzmir Motorway Project) in Turkey with US$7 billion (Rs. 45,500 crore) investment for the entire project. It is the fourth longest suspension bridge worldwide that was completed in April 2016.

Reliance Infrastructure Ltd, through its SPVs has executed a portfolio of infrastructure projects such as a Metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; and eleven road projects with total length of about 1,000 km on build, operate and transfer (BOT) basis, a spokesperson said.

As per reports, Reliance Infrastructure had reported a net loss of Rs 3,301 crore for the quarter ended March 31 on a consolidated basis. The company had recorded a profit of Rs 133.66 crore in the corresponding quarter of the previous financial year.

On an annual basis, it had incurred a loss of Rs 2,426.82 crore for 2018-19. It had reported a profit of Rs 1,255.50 crore in 2017-18. Shares of Reliance Infrastructure were trading 10.21 per cent higher at Rs 57.20 apiece on BSE.

Chairman Anil Ambani led company’s auditors had recently raised concerns over its financial results and also raised doubts over the company’s abilities.