Adani Group makes winning bid for Dharavi redevelopment project, to invest Rs 5,069 cr: Report

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Adani Group has won the bid for the prestigious Dharavi redevelopment project, one of the largest slum clusters in Mumbai, said a report on Tuesday.

“We received three bids, out of which we opened two financial bids of Adani and DLF as Naman group did not qualify in the technical bid. Adani group’s bid was Rs 5,069 crore and DLF’s Rs 2,025 crore. Now we will go ahead with the state government approval and also form a special purpose vehicle (SPV) for Dharavi redevelopment,” SVR Srinivas, Chief Executive Office of the Dharavi Redevelopment Project, told Moneycontrol.

Adani Realty, DLF, and Naman Group were the three companies that submitted bids for redevelopment of Dharavi and rehabilitation of slum dwellers. The redevelopment of Dharavi will now begin after several failed attempts over the past 15 years.

After a failed attempt in 2019, the Maharashtra government floated a global tender on 1 October for the development and rehabilitation of Dharavi.

In a pre-bid meeting held on 11 October, eight businesses from India, the United Arab Emirates (UAE) and South Korea expressed interest in redeveloping Dharavi. However, only three businesses submitted bids for the redevelopment.

Redevelopment of Dharavi, one of Asia’s largest slums, opens up over 600 acres of prime land. It is located in the heart of Mumbai, close to South Mumbai and the city’s commercial district, Bandra Kurla Complex.

Dharavi, one of the world’s most densely populated slums with an estimated one million residents, was badly hit by the pandemic. After the release of the award-winning film “Slumdog Millionaire” in 2008, the area saw a significant rise in popularity.

Read also: ‘Factually Incorrect’: Adani Enterprises Rejects Report Of Company Raising $5 Billion From Wealth Fund

Read also: The curious case of the Adani-NDTV open offer

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