the Adani Group may contribute up to Rs 12,500 crore (approximately) or $1.5 billion to begin the Dharavi redevelopment project in Mumbai.
The Adani Group’s considerable cash reserves, along with its internal resources, will be the main source of funding for the project.
For this aim, a special purpose vehicle (SPV) has been established, which is jointly controlled by the Maharashtra government (20%) and the Adani Group (80%).
When the idea to reconstruct Dharavi was first put out in 2004, it was thwarted by numerous legal issues and political disputes. The project was put out to global bidding, but in the end, Adani Group defeated DLF with the highest bid.
The Adani Group was awarded permission to start the project in the 590-acre Mumbai slum in July by the Maharashtra government. Over 900,000 people live in this heavily populated neighborhood, and there are a lot of small enterprises here as well.
The large-scale endeavor seeks to Dharavi is changing, and part of that change is turning the area into contemporary malls, offices, and flats. Building a Metro line to connect Dharavi to other areas of Mumbai is another aspect of the project.
Also read: Adani Group Bags Mumbai’s Dharavi Redevelopment Project With ₹ 5,069 Crore Bid
Located close to “T Junction” is a station that leads to Nariman Point and connects to both Mumbai International Airport and the Bandra Kurla Complex (BKC), a business center. To further improve connectivity, a new road would also connect Dharavi to the Bandra-Worli Sea Link.
The anticipated cost of the seven-year reconstruction project is $4–5 billion. Prior to the launch of the project, the SPV will receive an infusion of about Rs 12,500 crore to fund construction and logistical activities.
In addition, a master plan for project implementation is scheduled to be finalized jointly by the state government, Mumbai Metropolitan Region Development Authority (MMRDA), and the Adani Group. This is in addition to an authentication survey that is currently being conducted to authenticate ownership of slum buildings.
Slum dwellers will be relocated as part of the project to brand-new transit tenements built by the Adani Group. Gautam Adani, the chairman of the Adani Group, has declared his commitment to giving qualifying citizens new homes.
