RInfra shares jump over 6% on Mumbai sea link project win1 min read . Updated: 08 May 2018, 12:06 AM IST
Reliance Infrastructure shares on Monday closed on the BSE at Rs448.40, up 6.24% from the previous close
Mumbai: Shares of Reliance Infrastructure Ltd jumped on Monday after the company’s joint venture with Italy’s Astaldi S.p.A won a contract to build the Versova-Bandra sea link project in Mumbai.
The proposed sea link is an extension of the existing Bandra-Worli sea link. At 17.17 km, it will be thrice the length of the existing sea link. The Maharashtra State Road Development Corp. has issued a letter of award for the engineering, procurement and construction project. The project is expected to be completed in five years.
Shares of the Anil Ambani-promoted company closed on the BSE at Rs448.40, up 6.24% from their previous close, on a day the benchmark Sensex index rose 0.84%.
The Reliance Infra JV’s Rs6,994 crore bid beat competing bids from an L&T-Samsung joint venture and a Hyundai Development Company-ITD joint venture.
Work is expected to be started in October this year, MSRDC has previously told the media, subject to receiving regulatory clearances.
Sea links on the western seaboard are part of a wider 29-km coastal road project of the island city intended to ease traffic woes in the overcrowded western perimeters of Mumbai. The ambitious project is expected to cost the government exchequer Rs15,000 crore over its development period. Under construction at the eastern border of the city is another sea bridge – the Mumbai Trans-Harbour Link – a 22-km freeway to connect South Mumbai to Navi Mumbai. It has seen repeated cost escalations, and the cost now stands at nearly Rs18,000 crore.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.