Global tenders will be invited for building the Formula 1 track through private participation, the state government announced on Thursday.
Public works (Maharashtra State Road Development Corporation) minister Jaidutt Kshirsagar told the legislative council that the government was in the process of identifying the 350-acre land needed for the racing track at Adhai near Panvel. Once the plot is finalised, the global bidding process to construct the track on a build-operate-transfer basis would begin.
Of the 450 acres required for the track, the MSRDC has got 100 acres from the state government. Capita Symonds, the consultant appointed by the MSRDC, had finalised the plot after surveying 12 spots in the Mumbai Metropolitan Region (MMR) and is now checking its availability.
Kshirsagar told the upper House that the track would encourage tourism and sport activities in the MMR. “The Rs1,500-crore project will comprise sports, adventure, entertainment activities and will prove to be significant for the development of the MMR,” he said.
Ashish Shelar (Bharatiya Janata Party) had inquired about the appointment of the consultant. “The consultant has built six Formula 1 tracks and nine Olympic stadiums in various parts of the world. The company was selected from two bidders and their expected consulting fee is Rs8.96 crore,” Kshirsagar said.
The proximity of Adhai to the proposed international airport gives it an upper edge over the spots. “Though the MSRDC is bound to help the company to acquire land, the acquisition will have to be done by the company at market price through negotiation,” said an officer.
He added that though the estimated price of the project is Rs. 1,500 crore, it could go to Rs. 3,000 crore if delayed further.