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According to the estimates of the Maharashtra State Road Development Corporation (MSRDC), the 3.6-km sea link would cost around Rs 5,000 crore, while the bids were called for the viability gap fund which would be paid by MSRDC. Reliance-Hyundai quoted a figure of Rs 1,392 crore whereas Hindustan Construction Company, which is the contractor for the Bandra-Worli Sea Link along with John Laing and Samsung quoted Rs 2,466 crore as their viability gap requirement.
According to the financial model designed by the MSRDC, the winning bidder has to buy the Bandra-Worli bridge by paying Rs1, 634 crore upfront. It can then construct the Worli-Haji Ali sea link and collect toll from Bandra-Worli for a period of not more than 40 or 50 years.
However, according to a senior MSRDC official, the bids submitted by the lowest bidder are being examined thoroughly to determine the feasibility of the bid. “There is a no doubt that there is a substantial difference between both the bids but our consultants Arup CES and Ernst & Young are studying the bids. The consultants will take a call whether the bid is appropriate after they assessment and negotiate. However, the final decision rests with the cabinet,” the official said requesting anonymity.
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