MSRDC may disinvest stake in sea link to raise funds

Mumbai: The Maharashtra State Road Development Corporation (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 5.6-km-long Bandra-Worli Sea Link (BWSL). MSRDC is in talks with international and domestic private equity and financial firms for the same.

The corporation requires around Rs 7,500 crore for the construction of BVSL. A few months ago, the corporation had quoted a figure of Rs 2,800 crore to the Brihanmumbai Municipal Corporation (BMC) to sell BWSL and make it toll-free.

While the ratio at which BWSL would be sold has not been decided yet, the decision on the amount of stakes that would be sold depends on the proposals MSRDC receives.

Radheshyam Mopalwar, managing director, MSRDC, said, “We are in talks with various private equity firms and international financial institutions regarding the same. Also, at the same time, the BMC is looking at the proposal sent by us for buying BWSL.”

According to officials, the BMC is not taking a keen interest in buying BWSL and MSRDC is exploring alternate options to raise funds for the BVSL project.

Meanwhile, MSRDC has got responses from around 26 international firms for the construction of BVSL. “There are many domestic and international firms that have shown interest. We will go through their proposals and short-list around five,” said Mr Mopalwar.