Mumbai, July, 18 (EPC News): Reliance Sealink One Pvt Ltd, a subsidiary arm of the Reliance Infrastructure has tied its entire debt of Rs2,000 crore for the Mumbai Worli-Haji Ali sea link. The company however anticipates a 2-3 months delay in its project due to its delay to financially commit its financial obligations of state authorities.
The project which was scheduled to commence from July 3, will be delayed as Reliance Sealink One, a joint venture between the Anil Dhirubhai Ambani group's Reliance Infrastructure and Hyundai Engineering will be initiating the project after attaining financial closure.
The Worli-Haji Ali project is an extension of the Bandra-Worli sea link stretch, which started operations in June 2009. As a part of the contract, Reliance Sealink One would make an upfront payment of Rs 1,634 crore to acquire the tolling rights of Bandra-Worli Sea Link. However, the process has been delayed as MSRDC is yet to get no objection certificates from lenders to the Bandra-Worli sea link project.
EPC News Bureau
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| Posted on:7/18/2011 at 8:15 AM