Maharashtra govt refuses to release viability gap funding of Rs 1,392 crore.
MSRDC wants to complete this process before exploring options of arbitration and termination of concession agreement signed with the RSOPL for the project.
The developers, Reliance Sea Link One Pvt Ltd -- a joint venture between the Anil Dhirubhai Ambani group's Reliance Infrastructure and Hyundai Engineering -- is ready with the financial closure for the project after MSRDC submitted a no-objection certificate from its bond holders to the joint venture company.
The Maharashtra State Road Development Corporation (MSRDC) on Monday said that Reliance Infrastructure-Hyundai consortium would build the sealink between Worli and Haji Ali.
Transport projects worth Rs 60,000 crore are languishing due to red tape, while the city continues to struggle against bottlenecks created by many of them.
Reliance Sea Link One Pvt Ltd (RSOPL), an arm of Reliance Infrastructure (RInfra) which has bagged the Worli-Haji Ali sea link project in Mumbai, will have to pay a daily penalty of Rs 10 lakh for not complying with the provisions of a concession agreement with Maharashtra State Road Development Corporation (MSRDC).
Worli-Haji Ali sea link project was awarded by Maharashtra State Road Development Corporation to the company in February 2010.
Reliance was the highest bidder at Rs 63 cr for the 5 airports project.
A look at few marquee projects that are stuck for several reasons.
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