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

PTI
Published : Sep 14, 2018, 7:46 pm IST
Updated : Sep 14, 2018, 7:46 pm IST

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

Reliance Infrastructure (RInfra) on 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.
 Reliance Infrastructure (RInfra) on 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.

New Delhi: Reliance Infrastructure (RInfra) on 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).

Tags: reliance infrastructure, bank guarantees, msrdc, versova-bandra sea link
Location: India, Delhi, New Delhi