Mumbai: The proposed Mumbai Marina project has attracted interest from various industry sectors, with more than 35 representatives participating in its first pre-bid meeting held by the Mumbai Port Authority (MbPA) on October 30.
Representatives from marina and marine services, infrastructure development, shipping, logistics, hospitality, finance and consultancy sectors attended the meeting at Port Bhavan, either physically or through virtual participation.
Project Capacity And Development Plans
The project, planned at Victoria Dock, will be developed under the Design, Build, Finance, Operate and Transfer (DBFOT) model for a concession period of 45 years. Estimated to cost Rs 922.67 crore, the marina is envisaged to accommodate 604 yachts across a protected water area of 37.3 hectares upon completion.
As part of the project, MbPA will undertake marine infrastructure works for the initial 424 berths, while the selected concessionaire will be responsible for developing the associated land-based facilities. These will include a five-star hotel, tourism business centre, sailing school, yacht club, yacht repair yard, dry stack facility and fuel station.
Clearances And Investment Risk Reduction
The port authority has stated that environmental and Coastal Regulation Zone (CRZ) clearances for the entire project area have already been secured. By undertaking the marine works itself, MbPA aims to reduce the initial project risks for private investors and encourage greater participation.
The bidding will be based on the percentage of gross revenue that the concessionaire agrees to share with the port authority. The minimum revenue share has been fixed at 11.50%, which will remain unchanged throughout the concession period. User charges, meanwhile, will be determined by market conditions.
The concession agreement also provides for protection of up to 10 years against the development of a competing yacht marina within MbPA's jurisdiction. Further, the selected developer will be permitted to commence berthing and repair yard operations even before the project's Commercial Operations Date (COD).
Industry Response And Upcoming Bid Dates
Dr M Angamuthu, Chairperson of Mumbai Port Authority, said the response from industry representatives at the first pre-bid meeting was encouraging, particularly given the participation of stakeholders from the marine, infrastructure, hospitality and financial sectors.
"Mumbai's identity is inseparable from the sea. We have taken the marine risk and secured the clearances, so that serious investors can focus on building a new public-facing maritime destination for Mumbai," he said.
The port authority will address the queries raised during the first pre-bid meeting through a corrigendum by November 18. A second pre-bid meeting is scheduled for November 25, while the deadline for submission of bids is December 15 at 3 pm. The technical bids will be opened on the e-procurement portal on December 18.
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Expanding Mumbai's Maritime Tourism Infrastructure
The marina project is part of MbPA's broader strategy to expand Mumbai's maritime tourism and waterfront infrastructure. It is expected to open up a section of the operational harbour for recreational boating, sailing, yacht services and other tourism-related activities, while ensuring that port operations and maritime safety are maintained.
Other initiatives being pursued by the authority include the Mumbai International Cruise Terminal, the water taxi network and the development of heritage waterfront precincts. Together, these projects are aimed at strengthening Mumbai's maritime tourism potential and creating new public-facing destinations along its waterfront.
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