Mumbai, Jun 28 (IANS): Reliance Infrastructure, an Anil Dhirubhai Ambani Group firm, Monday signed a memorandum of understanding with the Maharashtra State Road Development Corporation (MSRDC) to construct the 3.3-km Worli-Haji Ali sea link.

The project is a joint venture between Reliance Infrastructure and and Hyundai Engineering and Construction Company.

Reliance Infrastructure will spend Rs.3,446 crore for construction of the sea link. "We expect to achieve financial closure in six months' time," chief executive officer Lalit Jalan told reporters.

The MoU also involves paying MSRDC Rs.1,634 crore for operating and maintaining the already functional Bandra-Worli sea link.

Work on the project, which Reliance Infrastructure is undertaking with its partner Hyundai, will commence in December and is expected to be completed by June 2014.

"With this project, the value of Reliance Infrastructure’s projects in Mumbai has crossed Rs. 20,000 crore," Jalan added.

A part of the Western Freeway Sea Link project, the Worli-Haji Ali sea-link is aimed at reducing travel time from the northwestern suburbs to the city.