According to reports, the Mumbai Metropolitan Regional Development Authority (MMRDA) is taking efforts to secure funding for its Mumbai Trans Harbour Link (MTHL) project.
It is learnt that Indian Infrastructure Finance Company (IIFCL) may be approached by the authority for securing loan up to roughly 20 per cent of the project cost.
Bidding for the proposed project is in progress and the successful company would get the loan if talks with IIFCL succeeds.
At a pre-bid meeting on February 15, participants expressed concern about securing loan for the link, where traffic will depend on future growth on mainland.
Ashwini Bhide, Additional Metropolitan Commissioner, informed that MMRDA was trying to sensitise banks on the risky project although it is the concessionaire's responsibility to arrange debt.
MMRDA has so far held talks with IDBI Bank and SBI and will soon discuss the project with Housing and Urban Development Corporation. MMRDA plans to select a bidder by May or June and start construction by year-end.
The successful bidder would construct the 22-km link at a cost of Rs 9,630 crore.