Reliance Infrastructure Q1 profit marginally up at Rs 411.97 crore; may re-bid for Worli-Haji Ali sea link extension

MUMBAI: Reliance Infrastructure today reported a marginal rise in net profit at Rs 411.97 crore for the June quarter and the Anil Ambani-led firm said it might consider re-bidding for the Worli-Haji Ali sea link project if Maharashtra Government considers going ahead with the plan.

Maharashtra State Road Development Corp (MSRDC) recently submitted a report to the Government for its approval to terminate the contract with RInfra for Worli-Haji Ali Sea Link extension here following recommendations of Attorney General G E Vahanvati.

The Attorney General had suggested an amicable termination of the agreement with RInfra without any monetary liability on either side.

"It was a good project and we had spent a lot of time and effort to win it. For reasons outside our control, the project is not a reality. If they (MSRDC) re-tender the project, we may consider (bidding for) it," RInfra Director and Chief Executive Lalit Jalan told reporters here.

The company would consider bidding for the project depending on the terms laid down by MSRDC, he said.

"MSRDC has said it is open to options, including re- tendering the project with different terms or carrying out the project on BOT or EPC basis. Our bidding for the project will depend on what terms they come out with."

In case of re-bidding, RInfra will have an edge over competitors as it has already done the ground work and knows the problems and risks involved in developing such a project, Jalan maintained.

"The work done by us so far will give us an edge over competitors if the project is re-bid. We have already done the designing and we exactly know the problems and risks involved in it. All these things will help us," Jalan added.

Meanwhile, the company reported a 24 per cent decline in standalone net profit at Rs 327.02 crore for the first quarter ended June 30 as compared to Rs 430.49 crore in the same period last year.