Maha looking at JICA funding for Bandra-Versova sea link

The Japanese lender has funded projects like multi-billion dollar DMIC and upcoming Rs 23,136-cr 32.5 km Colaba-Seepz Metro project

State-run road development corporation MSRDC is looking at funding from Japan International Cooperation Agency (JICA) for the ambitious Rs 5,975-crore Bandra-Versova sea link project.

"The JICA has been funding major infrastructure projects in the country at lower interest rates. To give pace to our ambitious 9.3-km Bandra-Versova sea link project, we will seek funding from this Japanese institution," Maharashtra State Road Development Corporation (MSRDC) Joint Managing Director SM Ramchandani told PTI here over the weekend.

The Japanese lender has funded key projects like the multi-billion dollar Delhi-Mumbai Industrial Corridor (DMIC) and the upcoming Rs 23,136-crore 32.5 km Colaba-Seepz Metro project in the megapolis, and has also expressed readiness to fund the proposed Mumbai TransHarbour Link (MTHL).

The Bandra-Versova sea link is proposed to be developed on a public private partnership model and will be a tolled project. It will have approaches at Carter Road and Juhu, besides the terminal points at Bandra and Versova.

Ramchandani said if the project gets JICA funding, the concession period for toll collection could also come down to that extent. The corporation has also sought viability gap funding (VGF) from the Centre, which may be up to 20% of the project cost.

"If we get financial assistance from the Centre as well as JICA, the concession period for toll collection can come down till that extent. We have written to the Centre in this regard," he said.

The corporation is currently evaluating the pre-qualification bids submitted by two consortia led by IRB Infrastructure and L&T.

"Six players had shown interest but only two submitted their bids. We are scrutinising the bids and if they qualify, only then we will invite financial bids. But if only one of them qualifies at this stage, we will have to do re-bidding to make the process competitive," he said.