Reliance Infra submits bank guarantees for Versova-Bandra Sea Link Project

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."

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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.