Maharashtra Finance Minister Jayant Patil Friday announced in the state assembly that a magnificent statue of Maratha warrior Chhatrapati Shivaji Maharaj would be erected in the Arabian Sea off Mumbai harbour.

It is estimated to cost initially about Rs.100 million.

The final cost of proposed statue, envisaged as the signature of Maharashtra in the Arabian Sea and a symbol of pride of the state - like the Statue of Liberty - is likely to go up to Rs.1 billion.

The proposal was pending for nearly 10 years in view of the study of the possible impact of the mid-sea construction on marine ecology, tourist attractions like Elephanta caves nearby, and navigational routes besides the upcoming Worli-Bandra sea-bridge link.