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

The Adani Group has won the bid for the coveted Dharavi redevelopment project, one of Mumbai's largest slum clusters, said a report on Tuesday.

"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 bid by Adani Group was for Rs 5,069 crore and DLF was Rs 2,025 crore. We will now further go with approval from the state government and also form a special purpose vehicle (SPV) for Dharavi redevelopment,” SVR Srinivas, Chief Executive Office of Dharavi Redevelopment Project told Moneycontrol.

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

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

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

The redevelopment of Dharavi, one of the biggest slums in Asia, throws open over 600 acres of prime land. It is situated at the heart of Mumbai, close to south Mumbai and the city's commercial district, the Bandra Kurla Complex.

Dharavi, one of the world's most densely populated slums with an estimated one million residents, was severely affected by the pandemic. After the award-winning film "Slumdog Millionaire" was released in 2008, the area saw a significant increase in popularity.

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