Team Blitz India
MUMBAI: The Adani Group is likely to invest $1.5 billion or around Rs 12,500 crore in the Dharavi redevelopment project in Mumbai. The project will be funded primarily through the Adani Group’s internal resources, backed by their substantial cash reserves.
A special purpose vehicle (SPV), jointly owned by the Adani Group (80 per cent) and the Maharashtra Government (20 per cent), has been established for this purpose.
The redevelopment of Dharavi, one of the biggest slums in Asia, throws open over 600 acres of prime land. It involves transforming Dharavi into modern apartments, offices, and malls.
The project also entails the construction of a Metro rail connecting Dharavi to other parts of Mumbai. This includes a station near “T Junction” leading to Nariman Point and connecting to the business district Bandra Kurla Complex (BKC) and Mumbai International Airport. A new road will also link Dharavi to the Bandra-Worli Sea Link, further enhancing connectivity.
The Adani Group, led by industrialist Gautam Adani, had emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project and bagged it with its Rs 5,069-crore bid in the 2022 tender process. The project has met with hurdles over the last two decades.
The state Government’s decision to cancel the 2018 tender and issue a fresh tender in 2022 with additional conditions was challenged in the high court by United Arab Emiratesbased firm Seclink Technologies Corporation.
Around two months ago, the Maharashtra Government submitted its affidavit in response to the petition.
In the first tender issued in 2018, the petitioner had emerged as the highest bidder with its Rs 7,200-crore bid. The Maharashtra Government told the Bombay High Court that the 2018 tender for the Dharavi redevelopment project was cancelled and a fresh tender was issued in 2022 because of several factors, including Covid-19 pandemic and the Ukraine-Russia war that affected financial and economic affairs.
