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

Press Trust of India  |  New Delhi 

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

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

RInfra-(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-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-Sea Link (5.6 km).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 14 2018. 19:06 IST