RInfra consortium submits Rs 735 cr worth bank guarantees for sea link project in Mumbai

Reliance Infrastructure (RInfra)Friday said its consortium has submitted bank guarantees worth Rs 735 crore to Maharashtra State Road Development Corporation (MSRDC) for Versova-Bandra Sea Link project.

"RInfra consortium has submitted Performance Security Bank Guarantee (PS-BG) and Mobilisation Advance Bank Guarantee (MA-BG) to MSRDC for Versova-Bandra Sea Link Project (VBSL)," it said in a statement.

RInfra-Astaldi SpA (Italy) Consortium had signed an agreement with MSRDC on September 4, 2018 for construction of VBSL.

The consortium has submitted Rs 350 crore of PS-BG and Rs 385 crore of MA-BG to MSRDC, it said.

The guarantees have been submitted ahead of time for fast-track completion of the project, it said.

The consortium had bagged the engineering, procurement and construction (EPC) contract for the Rs 7,000 crore project on a competitive bid basis.

The other bidders in the fray were L&T-Samsung and Hyundai Development Company-ITD.

The tender was floated by MSRDC.

With a length of 17.17 km, VBSL is over three times the length of the existing Bandra-Worli Sea Link (5.6 km).