Reliance Infrastructure Limited bags one of the largest EPC contracts from Maharashtra State Road Development Corporation (MSRDC), the prestigious Rs 7,000 crore Versova-Bandra Sea Link Project (VBSL) in Mumbai.
Reliance Infrastructure is fully geared to deliver the project in 60 months from the Appointed Date of June 24, 2019 as per the contract.
VBSL is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km.
VBSL would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes. Mumbaikars can look forward to drastic savings in their fuel cost besides an eco-friendly travel with minimal carbon footprint.
For the project, Reliance Infrastructure have already completed the works related to soil investigation, in partnership with M/s. Fugro Ltd, and engineering design, in partnership with M/s. Dar Al Handasah. MSRDC is expected to finalise the location of casting yard for the work to start on the project.
Speaking on the occasion, ED and CEO, Reliance Infrastructure, Punit Garg, said, "This project will further propel Reliance Infrastructure as a premier E&C company in India. Our partnership with Astaldi S.p.A, the third biggest construction player in the world in bridges, will help us create a truly world class mega infrastructure project for Mumbai."
Reliance Infrastructure has once again demonstrated its proven world class capabilities by winning this project in highly competitive bidding at each stage. Reliance Infrastructure's partner in the project, Astaldi S.p.A, is world's third largest player in bridge construction. The largest order executed by them is Izmit Bay Bridge (Gebze-OrhangaziIzmir Motorway Project) in Turkey with US$7 billion (Rs. 45,500 crore) investment for the entire project. It is the fourth longest suspension bridge worldwide that was completed in April 2016.
Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.51.9 as compared to the previous close of Rs. 56.5. The total number of shares traded during the day was 2967241 in over 10115 trades.
The stock hit an intraday high of Rs. 57 and intraday low of 50.35. The net turnover during the day was Rs. 159304959.