Lives of over a million people are going to change with the Dharavi redevelopment project being helmed by the Adani group.
Indian billionaire Gautam Adani’s property unit has formed a joint venture with Mumbai’s slum rehabilitation authority to redevelop Dharavi, one of Asia’s biggest slums, which has suffered neglect or legal roadblocks over decades.
A spokesperson from Adani Group confirmed the formation of the entity, Dharavi Redevelopment Project Pvt Ltd, without elaborating further. The setting up of the JV is a critical step and assumes significance as it comes at a time when Adani is embroiled in a legal battle against rival bidder, Dubai-based SecLink Technologies Corporation.
SVR Srinivas, who heads the state-run Dharavi Redevelopment Authority, said the state will appoint the chairman of the new 80:20 Adani Properties-state government JV, while the CEO will be from Adani’s camp.
The next step would be the submission of a master plan by the Adani group which will have key details including planning on infrastructure, rehabilitation and public amenities.
The Dharavi slum, about three-quarters the size of New York’s Central Park, featured in Danny Boyle’s Oscar-winning 2008 movie “Slumdog Millionaire”.
Adani group won the Dharavi rebuilding project in July by bidding $610 million for the project.