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RInfra submits bank guarantees for Versova-Bandra Sea Link Project

Friday - September 14, 2018 2:24 pm , Category : BUSINESS
Mumbai Sep 14 (IANS) A Reliance Infrastructure-led consortium has submitted "Performance Security Bank Guarantee" (PS-BG) and "Mobilisation Advance Bank Guarantee" (MA-BG) to Maharashtra State Road Development Corporation (MSRDC) for the Versova-Bandra Sea Link Project (VBSL).
"The consortium has submitted Rs 350 crore of PS-BG and Rs 385 crore of MA-BG to MSRDC " the company said in a statement on Friday.
"The Reliance Infrastructure consortium has submitted the guarantees ahead of time for fast track completion of this prestigious project."
The Reliance Infrastructure (RInfra) Limited - Astaldi S.p.A (Italy) Consortium had signed an agreement with MSRDC on September 4 for the construction of Versova-Bandra Sea Link Project in Mumbai.
The consortium had earlier bagged the engineering procurement and construction (EPC) contract for the Rs 7 000 crore project on a competitive bid basis.
The consortium had emerged the most competitive bidder with their bid of Rs 6 993.99 crore. The other bidders in fray were L&T-Samsung and Hyundai Development Company-ITD.
The tender for the construction of second sea link in Mumbai on EPC-basis was floated by MSRDC. At 17.17 km the Versova-Bandra Sea Link is three times the length of the existing Bandra-Worli Sea Link which is 5.6 km.

--IANS rv/mag/vm

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