Proposal to cancel RInfra contract to be tabled soon

The Maharashtra State Road Development Corporation is likely to put forward a proposal soon to its board and the Cabinet sub-committee on infrastructure to cancel the existing contract for building the Worli-Haji Ali Sea Link with Reliance Infrastructure.

The Maharashtra State Road Development Corporation (MSRDC) is likely to put forward a proposal soon to its board and the Cabinet sub-committee on infrastructure to cancel the existing contract for building the Worli-Haji Ali Sea Link with Reliance Infrastructure. The MSRDC will propose to implement the project on its own,sources said.

The agency plans to propose building four lanes of the controversial sea link by raising funds through the securitisation of the Bandra-Worli Sea Link,source said. Based on the usage of lanes,the MSRDC will take a decision on raising more funds through bonds to add four more lanes to the Worli-Haji Ali Sea Link later,a senior official said.

For this to be possible,the existing contract with Reliance Infrastructure will obviously need to be cancelled. The board and the sub-committee on infrastructure will take a final call, he added.

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In June 2010,the MSRDC had signed a concession agreement with Reliance Infrastructure to build the sea link but the project was stalled due to differences between the two parties over issues including the viability gap funding,handing over of the casting yard and completion of formalities before beginning construction.

Last month,retired Justice B P Singh,who acted as a mediator between the government and the concessionaire,submitted a report saying Reliance Infrastructure should be allowed an exit from the contract. More recently,Attorney General G E Vahanvati had sent a letter to the MSRDC,recommending an amicable termination of the agreement with Reliance Infrastructure without any monetary liability on either side.

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