| An announcement on this could be made by Union finance minister P Chidambaram in his Budget speech. The Centre had committed Rs 500 crore earlier to the sea link project. |
| According to state government sources, two private delegations "" Bombay First led by Housing and Development Finance Corporation Deepak Parekh and the Investment Advisory Council headed by Ratan Tata "" are mostly to be credited for the increase in Union government funding for the project. |
| "The two delegations met the planning commission and pitched for viability gap funding from the Union government. The commission had recommended Rs 500 crore as Central assistance. However, they pursued a higher investment," a source said. |
| The Rs 3, 600 crore, 24-km sea link between Nhava Seva and Sewri in Mumbai city will cut travel time between Mumbai and its satellite city (Navi Mumbai) to a mere 20 minutes from the current hour by rail and an hour and a half by road. |
| The state government's desire to encourage private participation in infrastructure projects received a fillip when IL & FS offered to construct the sea link for free in a proposal it submitted last year. |
| The state government, however, recently invited bids from the private sector for the project. |
| According to informed sources, IL&FS and the SEZ developers hope to cash in on the realty boom that is bound to follow the completion of the trans-harbour sea link between Mumbai and Nhava Seva. The southern region of Navi Mumbai would then SEE increased demand for housing. |
Top Section
Explore Business Standard