Adani Realty Outbids L&T; Wis Bid For INR 30,000 Crore Bandra Reclamation Contract In Mumbai: Reports
According to several media reports, Adani Realty has won the contract bid to redevelop the 24-acre Bandra Reclamation land parcel put up by the Maharashtra State Road Transport Corporation (MSRDC). For this Larsen & Turbo (L&T) and Mayfair Housing were bidding too along with Adani Realty. The MSRDC Board will decide on the final approval at their next meeting; it is still pending.
Adani Realty placed the highest financial bid, earning MSRDC 22.79 percent of the total, making it the “preferred bidder.” This was more than the 18% offer from Larsen and Toubro, according to the report. Adani’s larger proposal earned the preference, it claimed, even though L&T has a greater net worth of almost INR 84,000 crore compared to INR 48,000 crore net worth of Adani, Adani’s bid got the preference, the report said.
The land part is estimated to be worth roughly INR 30,000 crore and has a potential development size of 45 lakh square feet.
Anil Kumar Gaikwad, MD and Vice Chairman of MSRDC, claims that a revenue-sharing mechanism served as the foundation for the decision. The government’s goal of raising as much money as possible for both new and ongoing infrastructure projects is supported by Adani’s higher bid.
Gaikwad also denied claims that certain developers were given preference during the bidding process. In search of players who were both technically and financially sound, he encouraged an open and transparent procedure. In the rounds of technological and financial capabilities, Adani Realty and L&T both qualified.
Adani Realty will be in charge of raising money, managing approvals and clearances, and providing MSRDC with a benchmark payment of at least INR 8,000 crore if the board approves. MSRDC’s share is stipulated at 22.79 percent under the revenue-sharing model. Gaikwad said that this is the benchmark amount, INR 8,000 crore. When the revenue exceeds, they will be required to split 22.79 percent of it with us.
