Reliance Infrastructure on Wednesday said it has bagged ₹7,000 crore Versova-Bandra Sea Link project contract from Maharashtra State Road Development Corporation (MSRDC) in Mumbai.
Versova-Bandra Sea Link is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km. Reliance Infrastructure is fully geared to deliver the project in 60 months from the appointed date of 24 June 2019 as per the contract, Reliance Infrastructure said in a BSE filing.
The company said Versova-Bandra Sea Link would cut down 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 ₹3,301 crore for the quarter ended 31 March on a consolidated basis. The company had recorded a profit of ₹133.66 crore in the corresponding quarter of the previous financial year.
On an annual basis, it had incurred a loss of ₹2,426.82 crore for 2018-19. It had reported a profit of ₹1,255.50 crore in 2017-18.
Shares of Reliance Infrastructure was up 17.44% at ₹60.95 on BSE.