2 min readMumbaiFeb 10, 2014 02:10 AM IST
First published on: Feb 10, 2014 at 02:10 AM IST
To reduce the concession period and hence the number of years for which toll will be collected on the Bandra-Versova sea link, the Maharashtra State Road Development Corporation (MSRDC) will seek financial contribution of about 20 per cent of the project cost from the Centre.
If the Centre sanctions the viability gap funding (VGF), MSRDC expects to reduce the concession period from the proposed 35 years to 28 to 30 years. VGF refers to the state government’s contribution to a public-private-partnership project.
“We are yet to receive a final approval from the Maharashtra government. We will send a formal proposal to the Union government once we get that,” said S M Ramchandani, joint managing director at the MSRDC.
Simultaneously, the MSRDC will also invite requests for qualification from potential bidders to implement the project, which will be a northwards extension to the existing Bandra-Worli sea link.
The Bandra-Versova sea link will be built 900 m into the sea. It will have eight lanes and traffic dispersal points at Joggers Park and Juhu Koliwada. After discussions with the fisherfolk there, MSRDC has proposed spans of 50 m each at Bandra and 100 m at other locations.
The Rs 4,045-crore project was brought back on the table after being stalled for nearly a year when the Chief Minister-chaired cabinet sub-committee of infrastructure took it up for discussion and gave it a go-ahead. However, committee members expressed reservations about the concession period and said the MSRDC should rework the financial feasibility of the project to reduce it.
“If the VGF from the Union government is not sanctioned by the time we shortlist companies to bid for the project, we will ask for two requests for proposals. One would be a financial bid without any VGF, while the other will assume a maximum of 20 per cent funding from the Union government,” Ramchandani said.
A senior MSRDC official said, “We have not asked for any VGF from the state government though it will help reduce the concession period further. The state government did not give the VGF it had committed for the Worli-Haji Ali sea link, so this time we have not even asked for it.”
manasi.phadke@expressindia.com
Share
