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Mumbai, Feb 20: The Anil Ambani-controlled Reliance Energy Ltd (REL) has outbid Mukesh Ambani-run Reliance Industries Ltd (RIL) for the Rs 4,000-crore Mumbai Trans Harbour Project (MTHP). The Maharashtra State Road Development Corporation (MSRDC) on Wednesday selected the REL-Hyundai consortium, which quoted a concession period of 9 years 11 months, over the RIL-promoted SKIL Infrastructure-IL&FS-John Laing consortium’s 75 years.
The project will be developed on a build-operate-transfer basis. The REL-Hyundai consortium was earlier disqualified by MSRDC for failing to meet net worth conditions. The disqualification was upheld by the Bombay High Court, but later struck down by the Supreme Court. Following the apex court’s order, the REL-Hyundai consortium submitted its bid on December 15 last year.
State public works minister Anil Deshmukh told reporters that the REL-Hyundai consortium is expected to submit a letter of acceptance by March, complete financial closure within six months after acceptance, start work in December and complete the 22-km sea-link by December 2013.
“The REL-Hyundai consortium has already paid the bidders’ contribution of Rs 26 crore and, in addition, is expected to pay another Rs 130 crore to MSRDC as performance guarantee. The consortium will have to complete the project within five years or face a penalty under the contract,” he noted.
Deshmukh said the winning consortium would build the six-lane sea-link between Sewri in north-central Mumbai and Nhava near Navi Mumbai, and hand over the project after the concession period to MSRDC.
The minister was, however, unable to furnish a convincing reply as to what MSRDC would have done if RIL’s sole bid quoting a 75-year concession period were the only one left in the fray. He said light vehicles would have to pay a toll of Rs 120, while heavy vehicles would pay Rs 250. Around 50,000 vehicles are expected to ply on the proposed sea-link every day. The sea-link will come up at a time when RIL is developing the Maha Mumbai SEZ, the Navi Mumbai airport is expected to be operational by 2011 and expansion of the Jawaharlal Nehru Port is also in the pipeline.
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