RInfra group submits guarantees for Mumbai project; Scrip rallies

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Shares of Reliance Infrastructure rallied over Three per cent
on Friday as the corporate submitted efficiency safety financial institution assure (PS-BG) and mobilisation advance financial institution assure (MA-BG) to the Maharashtra State Road Development Corporation (MSRDC) for Versova-Bandra Sea Link Project (VBSL).

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


“The Reliance Infrastructure consortium has submitted the guarantees ahead of time for fast track completion of this prestigious project,” the corporate stated in a BSE submitting.

The scrip was 3.26 per cent up at Rs 454.50 at round
11.40 am whereas the BSE Sensex was up 0.44 per cent at 37,882.

The consortium of Reliance Infrastructure and Astaldi (Italy) signed an settlement with MSRDC on September 4 for building of the celebrated challenge in Mumbai.

RInfra-Astaldi had earlier bagged the engineering, procurement and building (EPC) contract for the Rs 7,000 crore challenge on a aggressive bid foundation. The consortium had emerged as probably the most aggressive bidder with its bid of Rs 6,993.99 crore.

Other bidders within the fray have been L&T-Samsung and Hyundai Development Company-ITD. The tender for the development of second sea hyperlink in Mumbai on EPC-basis was floated by MSRDC. With a size of 17.17 km, the Versova-Bandra Sea Link is thrice the size of the prevailing Bandra-Worli Sea Link, which is 5.6 km.

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