Reliance Infra allotted ₹7,000-crore Versova-Bandra Sea Link project

With the project being handed over to Reliance Infrastructure, the company witnessed a 17.44 per cent rise in its shares at Bombay Stock Exchange

Reliance Infra allotted ₹7,000-crore Versova-Bandra Sea Link project

In a major boost for Anil Ambani-led Reliance Infrastructure, the company bagged a 7,000 crore project contract from Maharashtra State Road Development Corporation (MSRDC) on Wednesday. The company has been allotted the Versova-Bandra Sea Link project by Maharashtra government.

The company in a Bombay Stock Exchange (BSE) filing said that Versova-Bandra Sea Link is a marquee project with a length of 17.17 km and will be three times the length of the Bandra-Worli Sea Link which is 5.6 km. 

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The company further added that they are geared to deliver the project in 60 months from the appointed date of 24 June 2019 as per the contract. Accordingly, they claimed that Versova-Bandra Sea Link would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes.

Earlier this year, Reliance Infrastructure had reported a net loss of 3,301 crore for the quarter ended 31 March on a consolidated basis.

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Meanwhile, the shares of Reliance Infrastructure witnessed a 17.44 per cent rise at 60.95 at Bombay Stock Exchange. 
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