RInfra consortium submits Rs 735 cr worth bank guarantees for 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).