India's Maharashtra State Road Development Corporation (MSRDC) has received two bids for the Versova-Bandra Sea Link (VBSL) project.

The two bidders for the project are IRB Infrastructure and Larsen & Toubro.

The project will be developed through public private partnership on a design, build, finance, operate and transfer basis and the concession will be for a period of 35 years.

The project cost is estimated at Rs 59,750 million (US$978.5 million). The MSRDC has applied to the Union government for viability gap funding for up to 20 % of the project cost.

S M Ramchandani, joint managing director at MSRDC, stated:

The MSRDC is currently scrutinising the two proposals to establish their eligibility to bid for the project. Thereafter, we will give them the Request for Proposal documents (for financial bids). The response is poor because it's a PPP project and securing loans from banks for private companies has become difficult these days.

The VBSL is part of the Western Freeway, which is a transportation infrastructure project in Mumbai. The whole project involves the construction of multiple bridges over the Arabian Sea to reduce traffic-congestion between the Western Suburbs and the island city.

The VBSL is a proposed 9.89-km long sea link that connects Bandra with Versova. It is a northward extension of the Bandra-Worli Sea Link, and represents the last leg of the Western Freeway which originated from Nariman Point. The BVSL will be built 900 metres into the Arabian Sea on stilts and pillars along the coast.

The 8-lane sealink will have a 150 metre-long cable-stayed portion to allow the passage of boats.