Reliance Energy to bid for Mumbai Harbour Project
The Supreme Court allows Anil-Ambani controlled group to submit its financial bid for Mumbai Trans Harbour Link Project within three months.business Updated: Sep 11, 2007 13:13 IST
Anil Ambani group firm Reliance Energy Ltd on Tuesday got a boost with the Supreme Court allowing it to bid for the Mumbai sea link project, where a consortium led by elder brother Mukesh Ambani was the front-runner.
Setting aside a Bombay High Court order, an apex court bench headed by Justice SH Kapadia directed Reliance Energy to submit its financial bid for the Mumbai trans harbour sea link project within three months.
The Maharashtra State Road Development Corporation Ltd had earlier disqualified the REL-led consortium from bidding for the country's longest sea link expressway to be built at an estimated cost of Rs 2,600 crore.
With today's decision, REL's consortium would be the fourth bidder for the project, where three others have already qualified on technical grounds ahead of financial bids.
The Bombay High Court on June 4 had stayed the opening of the bids for four weeks till July 2, which was later extended by the Supreme Court.
The Reliance Energy consortium, which includes Hyundai Engineering and Construction Company Ltd, had challenged MSRDC's decision to disqualify it from participating in the bidding process on the ground that its partner Hyundai did not meet the criterion of Rs 200 crore net worth.
REL had stated that the company on its own was capable of meeting the net worth for the entire consortium. It had sought a direction to the Maharashtra government to allow the consortium to participate in the bidding process.