The consortium led by ADAG group company Relinfra and Hyundai has decided not to seek an extension of the bid for the Rs 6,000 crore, 22-km sea link project citing the Maharashtra government’s indecisiveness over awarding the contract. The consortium had won the bid, but the government decided to review its decision as it realized that the concession period- or the period for which the developer collects the toll to recover its costs - was unrealistic. Relinfra’s withdrawal effectively leaves the field open for the only other bidder – the consortium of Mukesh Ambani’s SeaKing Infrastructure (SKIL) and IL&FS. Relinfra had quoted a concession period of 9 years and 11 months against SKIL consortium’s 75 years.
Friday, June 13, 2008
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