Mumbai: The Brihanmumbai Municipal Corporation (BMC) has expressed its doubts over the need to pay up Rs 2,800 crore to take over the 5.6 km long Bandra-Worli Sea Link from Maharashtra State Road Development Corporation (MSRDC) as proposed by the latter. It has asked the MSRDC to submit a justification for asking for the ‘fee’ for the transaction. The civic body has also asked MSRDC to submit a break-up of this cost.
Chief minister Devendra Fadnavis had earlier directed the BMC to acquire the Bandra-Worli Sea Link from MSRDC, as this will be a part of Mumbai’s proposed Coastal Road.
Following this, the MSRDC mooted the idea during meetings for the Coastal Road, and asked the civic body to pay up Rs 2,800 crore for taking over this sea link. The MSRDC planned to use this money for construction of the Bandra-Versova Sea Link, which will also be part of the Coastal road.
However, municipal commissioner Ajoy Mehta said, “We are still examining MSRDC’s proposal. We wrote to them two months ago asking for a justification for the payment of Rs 2,800 crore, as it is not a small amount. We received a reply but still have some doubts. So we recently wrote back asking for a break-up of the cost. MSRDC has not given a reply yet.”
The Bandra-Worli Sea Link is proposed to be toll-free, which implies that BMC will earn no revenue from here after taking it over. Meanwhile, after the Bandra-Versova Sea Link is constructed, the toll will be collected at the Versova end. A civic official on the condition of anonymity said, “It will not be correct that one portion of the coastal road can be accessed by citizens without paying anything, but the second half, beyond Bandra will be charged at the Versova end.”
As reported by The Asian Age earlier, following delay from the BMC’s end in taking over the Bandra-Worli Sea Link, the MSRDC is in talks with private equity firms to monetise Bandra-Worli Sea Link. In order to raise funds for the construction of the 9-km-long Bandra-Versova Sea Link (BVSL), MSRDC is now exploring options to generate additional funds by disinvesting its stake in the Bandra-Worli Sea Link. MSRDC is in talks with international and domestic private equity and financial firms for the same.
