Mumbai: MSRDC appoints consultant to guide it to raise funds

The Maharashtra State Road Development Corporation’s (MSRDC) board has appointed a consultant to guide it in raising funds of over Rs 15,000 crore for big ticket projects that include the Bandra-Versova sea link, Thane creek bridge, augmentation of Mumbai-Pune Expressway etc.

Ernst and Young has been appointed as the consultant. Last year the same company was appointed as the consultant for the Nagpur-Mumbai communication expressway project.

An MSRDC official said, “Our board has approved the appointment of EY as a consultant, who will also be the transaction advisor, and will help MSRDC in raising over Rs 15,000 crore for our four big ticket projects.”

The key projects of MSRDC like augmentation of Mumbai-Pune Expressway requires Rs 5,000 crore, construction of Bandra-Versova Sea Link requires Rs 7,500 crore, six-laning of Satara-Kagal Highway requires Rs 2500 crore and the Thane Creek bridge requires Rs 800 crore. This takes the total estimated cost of the projects to Rs 15,800 crore.

The main job of the consultant will be to assist and advise MSRDC in evolving an optimal structure for the proposed fund raising, including coordination with external agencies to develop and finalise the funding structure. The key and most important job of the consultant will also be to assist MSRDC in identifying potential lending institutions/ investors and also in approaching them.

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