logo
MMRDA seeks full financial breakdown from L&T after scrapping Thane-Bhayander twin projects

MMRDA seeks full financial breakdown from L&T after scrapping Thane-Bhayander twin projects

Mumbai: Days after scrapping tenders for two major infrastructure projects—the Thane-Ghodbunder Road tunnel and the Ghodbunder-Bhayander elevated road—the Mumbai Metropolitan Region Development Authority (MMRDA) has asked construction giant Larsen & Toubro (L&T) to submit a complete breakdown of its financial estimates.
The move follows a legal tussle between L&T and the MMRDA over the awarding of the ₹15,182.87 crore contracts to Hyderabad-based Megha Engineering and Infrastructure Limited (MEIL). L&T had challenged the MMRDA's decision in the Bombay High Court and subsequently in the Supreme Court, alleging it had been unfairly disqualified despite submitting bids that were collectively ₹3,130 crore lower than MEIL's.
In a letter dated Tuesday, MMRDA has asked L&T to furnish detailed financial documents related to both projects. These include calculation sheets, explanatory notes, rate analysis, and justifications submitted as part of the original bid. A copy of the letter reviewed by Hindustan Times shows that the MMRDA intends to archive the documents as part of official records and for transparency in the tendering process.
According to L&T's bid, the firm had quoted ₹12,052 crore for both projects— ₹5,554 crore for the elevated road and ₹6,498 crore for the tunnel. In comparison, MEIL's winning bid amounted to ₹15,182.87 crore, with ₹9,019.53 crore for the elevated road and ₹6,163.34 crore for the tunnel.
The projects are part of MMRDA's broader road expansion initiative and are seen as critical extensions of the Mumbai Coastal Road. The first involves construction of twin tunnels spanning 5.7 km between Gaumukh and Fountain Hotel junction on Thane Ghodbunder Road. The second entails an 11.42 km elevated road connecting Ghodbunder Road to Bhayander, including a bridge over the Vasai Creek.
The tendering process began in July 2024. L&T submitted its technical bid in December, which was opened on January 1, 2025. However, in May, the company learned it had been excluded from the financial bidding round. Though the Bombay High Court initially stayed the opening of the financial bids, it later ruled against L&T on May 20, prompting the firm to escalate the matter to the Supreme Court.
Originally slated for completion by the end of 2028 and opening to traffic in early 2029, both projects now face delays of at least six months due to the ongoing legal dispute.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Meta invests in AI firm Scale and recruits its CEO for 'superintelligence' team
Meta invests in AI firm Scale and recruits its CEO for 'superintelligence' team

Time of India

time37 minutes ago

  • Time of India

Meta invests in AI firm Scale and recruits its CEO for 'superintelligence' team

By Matt O'Brien Meta said Thursday it is making a large investment in artificial intelligence company Scale and recruiting its CEO Alexandr Wang to join a team developing "superintelligence" at the tech giant. The move reflects a push by Meta CEO Mark Zuckerberg to revive AI efforts at the parent company of Facebook and Instagram as it faces tough competition from rivals such as Google and OpenAI. Meta announced what it called a "strategic partnership and investment" with Scale late Thursday but didn't disclose the financial terms of the deal. Scale said the added investment puts its market value at over $29 billion. Scale said it will remain an independent company but the agreement will "substantially expand Scale and Meta's commercial relationship." Meta will hold a minority of Scale's outstanding equity. Wang, though joining Meta, will remain on Scale's board of directors. Replacing him is a new interim Scale CEO Jason Droege, who was previously the company's chief strategy officer and had past executive roles at Uber Eats and Axon. It won't be the first time a big tech company has gobbled up talent and products at innovative AI startups without formally acquiring them. Microsoft hired key staff from startup Inflection AI, including co-founder and CEO Mustafa Suleyman, who now runs Microsoft's AI division. Google pulled in the leaders of AI chatbot company while Amazon made a deal with San Francisco-based Adept that sent its CEO and key employees to the e-commerce giant. Amazon also got a license to Adept's AI systems and datasets. Wang was a 19-year-old student at the Massachusetts Institute of Technology when he and co-founder Lucy Guo started Scale in 2016. They won influential backing that summer from the startup incubator Y Combinator, which was led at the time by Sam Altman, now the CEO of OpenAI. Wang dropped out of MIT, following a trajectory similar to that of Zuckerberg, who quit Harvard University to start Facebook more than a decade earlier. Scale's pitch was to supply the human labor needed to improve AI systems, hiring workers to draw boxes around a pedestrian or a dog in a street photo so that self-driving cars could better predict what's in front of them. General Motors and Toyota have been among Scale's customers. What Scale offered to AI developers was a more tailored version of Amazon's Mechanical Turk, which had long been a go-to service for matching freelance workers with temporary online jobs. More recently, the growing commercialization of AI large language models - the technology behind OpenAI's ChatGPT, Google's Gemini and Meta's Llama - brought a new market for Scale's annotation teams. The company claims to service "every leading large language model," including from Anthropic, OpenAI, Meta and Microsoft, by helping to fine tune their training data and test their performance. It's not clear what the Meta deal will mean for Scale's other customers. Wang has also sought to build close relationships with the U.S. government, winning military contracts to supply AI tools to the Pentagon and attending President Donald Trump's inauguration. The head of Trump's science and technology office, Michael Kratsios, was an executive at Scale for the four years between Trump's first and second terms. Meta has also begun providing AI services to the federal government. Meta has taken a different approach to AI than many of its rivals, releasing its flagship Llama system for free as an open-source product that enables people to use and modify some of its key components. Meta says more than a billion people use its AI products each month, but it's also widely seen as lagging behind competitors such as OpenAI and Google in encouraging consumer use of large language models, also known as LLMs. It hasn't yet released its purportedly most advanced model, Llama 4 Behemoth, despite previewing it in April as "one of the smartest LLMs in the world and our most powerful yet." Meta's chief AI scientist Yann LeCun, who in 2019 was a winner of computer science's top prize for his pioneering AI work, has expressed skepticism about the tech industry's current focus on large language models. "How do we build AI systems that understand the physical world, that have persistent memory, that can reason and can plan?" LeCun asked at a French tech conference last year. These are all characteristics of intelligent behavior that large language models "basically cannot do, or they can only do them in a very superficial, approximate way," LeCun said. Instead, he emphasized Meta's interest in "tracing a path towards human-level AI systems, or perhaps even superhuman." When he returned to France's annual VivaTech conference again on Wednesday, LeCun dodged a question about the pending Scale deal but said his AI research team's plan has "always been to reach human intelligence and go beyond it." "It's just that now we have a clearer vision for how to accomplish this," he said. LeCun co-founded Meta's AI research division more than a decade ago with Rob Fergus, a fellow professor at New York University. Fergus later left for Google but returned to Meta last month after a 5-year absence to run the research lab, replacing longtime director Joelle Pineau. Fergus wrote on LinkedIn last month that Meta's commitment to long-term AI research "remains unwavering" and described the work as "building human-level experiences that transform the way we interact with technology."

L&T Share Price Live Updates: L&T closes at Rs 3656.3
L&T Share Price Live Updates: L&T closes at Rs 3656.3

Time of India

time41 minutes ago

  • Time of India

L&T Share Price Live Updates: L&T closes at Rs 3656.3

13 Jun 2025 | 08:42:37 AM IST Welcome to the L&T Stock Liveblog, your ultimate source for real-time updates and analysis of one of the most prominent stocks in the market. Stay on top of the game with our comprehensive coverage, featuring the latest details on L&T stock, including: Last traded price 3603.9, Market capitalization: 512177.76, Volume: 2335718, Price-to-earnings ratio 33.31, Earnings per share 109.35. Get a holistic view of L&T with our expert insights into both fundamental and technical indicators. Stay ahead of the curve as we bring you breaking news that can impact the stock's performance. Whether you're a seasoned investor or a curious market enthusiast, rely on us to provide you with valuable information and informed recommendations. Join us on this journey as L&T thrives in the ever-changing market landscape. The data points are updated as on 08:42:36 AM IST, 13 Jun 2025 Show more

Can HAL survive its staffing crisis amidst soaring order backlogs?
Can HAL survive its staffing crisis amidst soaring order backlogs?

Economic Times

time43 minutes ago

  • Economic Times

Can HAL survive its staffing crisis amidst soaring order backlogs?

Yes, more spanners in the work HAL's order book is expected to touch ₹2.5 lakh cr in FY26. That is eight times the FY25 turnover. The huge order backlog, coupled with facile assumptions about HAL's purported prowess in execution, drives optimism about the company. Execution is the key when faced with a mounting order pipeline, and that is where trouble is 37 years, HAL's turnover soared from ₹616 cr in FY87 to ₹30,118 cr in FY24, growing at a CAGR of 11.08%. Meanwhile, manpower shrank by 46%, from 44,123 to 23,766. This stark contrast has fostered a dangerous illusion - that cutting staff is the key to growth and profitability. Such a belief is not just flawed; it's a recipe for disaster. At HAL, while there are severe shortages among workmen, the situation in the executive cadre is even more alarming. The organisational structure increasingly resembles an army of officers and generals - with too few soldiers to execute the mission. The shortage at the working level, particularly in the design department, is serious. At a review meeting in 2022, the head of a Lucknow-based HAL R&D centre presented the status of 175 line-replaceable units (LRU) design projects. There are only 75 designers to handle these. Ideally, each project should have one to two engineers. There was a time when almost 350 designers worked exclusively for the Light Combat Helicopter (LCH) project in Rotary Wing Research and Design Centre (RWRDC), the centre of excellence for helicopter R&D. Today, with about 400 designers, RWRDC handles multiple projects such as Indian Multi-Role Helicopter (IMRH), Deck-Based Multi-Role Helicopter (DBMRH), and Utility Helicopters-Maritime (UHM) projects, along with other minor ones. In the design domain, knowledge transfer happens from generation to generation. The missing generation at the bottom means that when the middle-level designers retire over the next 10-15 years, there will be a crippling lack of knowledge and expertise. If this situation persists, HAL's capability to design and develop new aircraft and helicopters will be HAL's manpower has become half of what it was some time ago, and the number of projects has risen, the staffing is inadequate even if both the junior and middle levels are considered as one joint cluster. Today, both these layers are overburdened, fatigued and outsourcing is a still-born idea. The existing designers will be forced to train greenhorns recruited by contractors to make them somewhat competent. Usually, owing to low salaries paid by vendors, most of these engineers leave once they pick up some competency. So, another set of rookies will come on board, and the training process will be repeated. This is a waste of to this HAL's inexplicable reluctance to implement any people-friendly initiatives such as flexitime or a five-day week. HAL conducts periodic HR surveys. However, except for HR staff and the top management, nobody knows about these findings and interventions done to address the present efforts to manage the shortage by hiring rookie engineers through contractors are pursued, it would be the death knell for R&D capability within should do the following. Recruit 200 engineers yearly for the next 5 years for R&D centres. Recruit 1,000 engineers yearly for the next 5 years for production and MRO divisions. Implement flexitime of 1 hr for executives, and 30 mins for workmen. Implement a 5-day week at least in design centres. CTC of entry-level engineers is less than ₹10 lakh annually. So, this recruitment plan will not add more than ₹120 cr a year, 0.6% of HAL's total cost of ₹19,919 cr in FY24. Additional staffing will not dent profits. The choice for HAL is clear. Recruit or perish. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Why failed small businessmen die by suicide when those behind big blow-ups bounce back? Explainer: The RBI's LAF corridor and its role in rate transmission Yet another battle over neem; this time it's a startup vs. Procter & Gamble Everything 'e' won't make you a millionaire. Just look at e-pharmacies Stock Radar: Breakout from falling trendline makes Glenmark an attractive buy; check target & stop loss Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large- and mid-cap stocks can give more than 25% return in 1 year, according to analysts For long-term investors: Management with a track record; 5 stocks with upside potential of up to 27%

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store