Adani Group Has Won The Dharavi Redevelopment Project With A Bid Of Rs 5,069 Crore

Adani Group Has Won the Dharavi Redevelopment Project with A Bid of Rs 5,069 Crore

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Adani Group has won the bid to redevelop Mumbai’s Dharavi area, one of Asia’s largest slum clusters. The Maharashtra government officials opened financial bids for the Dharavi redevelopment project on November 29.

SVR Srinivas, Chief Executive Officer of Dharavi Redevelopment Project says “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,”.

The 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.

The Adani Realty, DLF, and Naman Group had all submitted final bids for the redevelopment of Dharavi and the rehabilitation of the slum. The renovation of Dharavi slum will finally take off with the selection of the highest bidders, after multiple failed attempts over the last 15 years.

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

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

During the pre-bid meeting on 11th October, a total eight companies from India, the United Arab Emirates (UAE), and South Korea expressed interest in the redevelopment of Dharavi. However, only three bids were submitted for the redevelopment of the slum.

The Maharashtra government has made at least four bids for redevelopment in the last 15 years, but the bids have not been successful.

Dharavi, which covers approximately 300 acres, is known as a hub for several small-scale, unorganised industries that produce medicines, leather, footwear, and clothing. It is centrally positioned in Mumbai, close to the commercial hub of the Mumbai Bandra Kurla Complex and south Mumbai.

Source- Money control

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