Reliance Infrastructure on Wednesday said it has bagged the Rs 7,000-crore Versova-Bandra Sea Link project contract from the Maharashtra State Road Development Corporation (MSRDC) in Mumbai.
The Versova-Bandra Sea Link is a marquee project, with a length of 17.17 km, which is three times the length of the 5.6-km Bandra-Worli Sea Link. Reliance Infrastructure is fully geared to deliver the project in 60 months from the appointed date of June 24, 2019 in line with the contract, the company said in a BSE filing.
The company said the Versova-Bandra Sea Link would cut down the commute time of Mumbaikars from over 90 minutes to 10 minutes. Last week, ratings agency India Ratings downgraded Reliance Infrastructure’s long-term issuer rating to ‘D - Issuer Not Cooperating’
The downgrade came barely a week after the Anil Ambani-led company’s auditors raised red flags over its financial results as well as “significant doubt” over the group’s ability to continue as a going concern.
Reliance Infrastructure had reported a net loss of Rs 3,301 crore for the quarter ended March 31 on a consolidated basis. The company had recorded a profit of Rs 133.66 crore in the corresponding quarter of the previous financial year.
On an annual basis, it had incurred a loss of Rs 2,426.82 crore for 2018-19. It had reported a profit of Rs 1,255.50 crore in 2017-18.
Shares of Reliance Infrastructure were trading 10.21 per cent higher at Rs 57.20 apiece on BSE.