The Authority entered into a separate agreement with L&T for 3.61 km package 3 involving a cost of Rs 1013.79 crore.
"This is a major step towards attaining faster connectivity with Navi Mumbai and Konkan region and its development," Chief Minister Devendra Fadnavis said on the occasion.
He further said MTHL was a much-awaited project and it will be constructed as early as possible.
"The project will open up innumerable avenues in terms of connectivity, communication, infrastructure and job opportunities," Fadnavis added.
Speaking at the event, Japan's Minister of Transport and Tourism, Land, Infrastructure, Keiichi ISHII said the Indo-Japan relationship will go a long way as the project is financed by the Japan International Cooperation Agency (JICA).
"We are committed to join hands with India for the development of infrastructure as we strongly believe that only efficient infrastructure puts countries on the forward path," he added.
An agreement for package 2 of 7.807 km will be entered into with Daewoo and Tata Projects soon and the cost of the contract is Rs 5,612.61 crore, MMRDA said in a statement.
MTHL is a 21.80-km long, 6-lane bridge with emergency maintenance lane on either side., including a 16.5-km bridge across Mumbai bay with 5.5-km viaducts on land on either side.
The link will have interchanges at Sewri in Mumbai and at Shivaji Nagar and Chirle on NH-4B on Navi Mumbai side.
"The project will help develop Navi Mumbai and part of Raigad District providing faster connectivity with the Mumbai and proposed Navi Mumbai International Airport saving commuters' time and fuel. The project will also help environment with reduced congestion and transportation time," MMRDA Metropolitan Commissioner UPS Madan said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)