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Reliance Infra bags Rs 7,000-cr Versova-Bandra Sea Link project in Mumbai

Reliance Infrastructure said Versova-Bandra Sea Link would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes

Press Trust of India  |  New Delhi 

Reliance Infrastructure to dispose of cement biz

Wednesday said it has bagged Rs 7,000 crore project contract from Maharashtra State Road Development Corporation (MSRDC) in Mumbai.

is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km. is fully geared to deliver the project in 60 months from the appointed date of June 24, 2019 as per the contract, said in a BSE filing.

The company said would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes.

Last week, ratings agency India Ratings downgraded Reliance Infrastructure's long-term issuer rating to 'D - Issuer Not Cooperating'.

The downgrade came barely a week after the Anil Ambani-led company's auditors raised red flags over its financial results as well as "significant doubt" over the group's ability to continue as a going concern.

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.

First Published: Wed, June 26 2019. 12:00 IST