According to the MSRDC, Reliance Infrastructure and Hyundai consortium will have to take over the Bandra-Worli sea link on or before July 3.
With the Maharashtra State Road Development Corporation (MSRDC) being firm on its stand of Reliance Infrastructure-led consortium taking over the sea link without any demands, the deadlock between the two continued till Thursday.
The corporation will have its board meeting on Friday, which may see some efforts from the government’s side to resolve the issue.
MSRDC vice-chairman and MD Bipin Shrimali on Thursday said that the Reliance Infrastructure and Hyundai consortium will have to take over the sea link on or before July 3. “As per the concession agreement, they have to pay the cost of Bandra-Worli Sea Link — Rs1,634 crore — and take over the tolling rights. Also, there is no question about the financial credibility of MSRDC since we will be paying them Rs464 crore per year for the next three years as viability gap of the project. The first instalment will be paid by MSRDC within three months of the consortium taking over the sea link,” he said.
However, sources close to the development have revealed that it is unlikely that the consortium will take over the sea link by July 3. “The concession agreement signed between RInfra and MSRDC says that the ‘equity support shall be paid to the concessioner by Government of Maharashtra (GoM) through MSRDC’. It is now clear that the GoM has refused to give the money, which means if in future if they are any issues related to funds, GoM will easily save its skin. The state support agreement also needs to be signed. Also, if we have to take over the sea link, a GR on toll notification also has to be issued,” said a source from the consortium.
An official statement issued by RInfra spokesperson, in response to the demands made by MSRDC on Thursday, said, “We are keen to take over the sea link. However, we await certain obligations to be complied with by MSRDC and GoM.” The statement added that R-infra has achieved financial closure for the project.
“We have submitted our requests in writing for completion of these activities. We have sought 15 days from MSRDC to take over,” the statement added.
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