Adani Group Wins Dharavi Redevelopment Project With Rs 5,069 Crore Bid

| Updated: November 29, 2022 6:45 pm

Adani Group has won the bid to redevelop Dharavi, Asia’s largest slum cluster, in Mumbai. On November 29, Maharashtra government officials opened financial bids for the Dharavi redevelopment project.

“We got three bids, of which we opened two financial bids of Adani and DLF as Naman Group did not qualify in the technical bidding,” said SVR Srinivas, Chief Executive Officer of Dharavi Redevelopment Project. Adani Group bid Rs 5,069 crore, while DLF bid Rs 2,025 crore. We will now proceed with the state government’s approval and form a special purpose vehicle (SPV) for the redevelopment of Dharavi.”

Three companies, Adani Realty, DLF, and Naman Group, had submitted bids for the redevelopment of Dharavi and the rehabilitation of slum dwellers. After multiple failed attempts over the last 15 years, the redevelopment of Dharavi will finally take off with the selection of the successful bidder.

The winner of the Rs 20,000-crore project is determined by the highest initial investment pledge. The Maharashtra government plans to complete the project in 17 years and the rehabilitation in seven. Over 10 million square feet are expected to be built as part of the Dharavi redevelopment project.

After a failed attempt in 2019, the state government issued a global tender on October 1 for the redevelopment and rehabilitation of Dharavi.

In total, eight companies from India, the United Arab Emirates (UAE), and South Korea expressed interest in the redevelopment of Dharavi during the pre-bid meeting on October 11. However, only three companies bid on the redevelopment.

The Maharashtra government has made at least four bids for redevelopment in the last 15 years. However, the bids did not materialise.

Dharavi, which covers 300 acres, is known as a center for several small-scale, unorganized industries that produce medicines, leather, footwear, and clothing. It is located in Central Mumbai in close proximity to the commercial hub, Bandra Kurla Complex, and south Mumbai.

Dharavi, with an estimated population of one million people, is one of the world’s most densely populated slums and was severely impacted by the pandemic. The area grew in popularity after the 2008 release of the film ‘Slumdog Millionaire,’ which won several awards.

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