Daewoo E&C announced that the builder received a letter of acceptance (LOA) on the second package of the Mumbai Maritime Bridge project in Mumbai, India on November 17 (local time).
Daewoo E&C said that the Korea-based global contractor won the second package of the Mumbai Maritime Bridge project with a joint venture with Tata Projects Limited, a construction subsidiary of the Tata Group, one of India’s largest business groups. The second package will cost US$ 863 million, and the entire Mumbai Maritime Bridge project about US$ 2.2 billion.
Daewoo E&C will partner with Tata on engineering, procurement and construction (EPC). Daewoo E&C will be responsible for 60% of the project which amounts to US$ 517.85 million. The construction work will run for 54 months after ground breaks.
Winning this order for the Mumbai Maritime Bridge was attributable to combining local Indian partner companies’ low labor costs and capabilities and Daewoo E&C’s experience in building bridges at home and abroad. Tata Project, a partner company of Daewoo E&C, is a subsidiary of the Tata Group, one of the largest business groups in India. Daewoo E&C is expected to generate great synergy with Tata Project based on Daewoo E&C’s construction experience and know-how.
The Mumbai Metropolitan Region Development Authority (MMRDA) which placed the order with Daewoo E&C in India is a state-run agency for the development of the Mumbai area. Mumbai Maritime Bridge is a symbolic landmark project not only for Maharashtra State Government but for the Indian Central Government headed by Prime Minister Narendra Modi.
The Original Posted by Michael Herh/Business Korea