[Photo by Daewoo Engineering & Construction Co.]
South Korea’s Daewoo Engineering & Construction Co. will be in charge of building the mid-section of what would be the world’s second longest sea link at a cost of $863 million.
The Korean construction company said on Monday its consortium with Tata Projects Ltd. (TPL), a construction arm of India’s Tata Group, clinched Package 2 of the Mumbai Trans Harbour Link project from the Mumbai Metropolitan Region Development Authority.
The proposed 21.8-kilometer-long cable stay bridge will connect Mumbai in the east with its satellite city Navi Mumbai in the west to become the world’s second longest sea link once completed. The $2.2 billion project includes a seven-lane highway bridge, adjacent roads and other facilities.
Daewoo E&C and TPL will be in charge of the 7.8 km section in the middle of the cable bridge. This is said to be the most difficult of the three packages as the construction must be done mid-sea.
The two companies are to jointly carry out the design, purchasing and construction activities with an aim to complete the project in the next 54 months. Daewoo E&C holds a 60 percent stake in the deal.
When completed, the new bridge is expected to cut commuting time between the two cities by more than an hour.
Daewoo E&C is currently up for sale as four bidders are vying for a controlling stake in the firm plus management rights. The preferred bidder is to be named by January.
Shares of Daewoo E&C closed Monday down 0.65 percent at 6,150 won ($6.00).
By Chun Beom-joo and Kim Hyo-jin
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]