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Reliance Infrastructure, part of the Anil Dhirubhai Ambani Group has announced that Reliance Sealink One has signed a BOT (Build Operate Transfer) Concession Agreement with MSRDC for the construction of the 8-lane Worli to Haji Ali Sea Link.
Termed as one of the biggest BOT projects on Public Private Participation (PPP) basis, the Western Freeway Sea Link will form a key component in the Versova - Bandra – Nariman Point Sea Link. The project is committed to bring in state-of-the-art urban infrastructure facility with world-class customer experience for Mumbaikars.
The concession period for this project is 40 years for the entire Bandra - Hazi Ali stretch. The project will be completed in 42 months from financial closure, by June, 2014.
The project involves a construction of 6 Km Sea Link bridge between Worli to Haji Ali with two connectors; one at Worli and other at Haji Ali. The Worli – Haji Ali Sea Link will have three-wayclove interchange on high sea, first-of-its-kind in India. This would facilitate commuters to seamlessly travel from Bandra to Haji Ali in just 13 minutes instead of current 60 minutes by-passing 27 traffic signals.The investment would be about Rs50bn.
Speaking on the occasion, Lalit Jalan, CEO and Director of R Infra said: “We are pleased to sign this agreement to develop an iconic state of the art project, which will change the face of Mumbai. R Infra is committed to creating world-class urban infrastructure in the city. Together with Metro projects, R Infra would be spending over Rs 200bn in Mumbai alone. These infrastructure projects will ensure a world-class experience for the commuters. With-in a short span of 4 years, R Infra has become India’s largest infrastructure company.”
Sonia Sethi, Vice Chairman & Managing Director, MSRDC said: “MSRDC is pleased to partner with the largest infrastructure companies in India, Reliance Infrastructure. It is our commitment to de-congest traffic on Mumbai roads. In the last 10 years, we have built 50 flyovers in Mumbai, most of which are functional. The Western Freeway Sea Link Project will reduce the travel time between Bandra to Haji Ali by about 45 minutes and will provide a new facility to Mumbaikars.”
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.