The state government's ambitious Rs9630-crore Mumbai Trans Harbour Link (MTHL) project got a boost on Friday as the Union finance ministry agreed to 20% viability gap funding for the 22-km sea bridge which would link Navi Mumbai with the mainland.
Through the viability gap funding, the Centre will provide Rs 1920 crore to make the project commercially viable for the private firm, which will build the sealink.
The Mumbai Metropolitan Region Development Authority (MMRDA), the nodal agency for the project, expects financial bids from the five consortiums shortlisted by it to come in by the end of April. With the completion of bidding in the next few months, the construction is likely to begin by the end of the year, and is expected to be completed in five years.