Adani Group Bags Dharavi Redevelopment Project With Rs 5,069 Crore Bid
The Maharashtra government authorities on Tuesday opened the financial bids for the Dharavi redevelopment project which is being touted as one of the largest redevelopment projects in India
Gautam Adani-led Adani Properties on Tuesday won the bid for the redevelopment of Mumbai’s Dharavi, one of the largest slum clusters in Asia, reported Moneycontrol. On Tuesday, the Maharashtra government authorities opened the financial bids for the Dharavi redevelopment project which is being touted as one of the largest redevelopment projects in India.
DLF and Shree Naman Developers were the other two bidders competing for the project. Adani Properties, the highest bidder, reportedly offered Rs 5,069 crore as its investment in the project. The project’s bidding criteria was kept on the basis of the highest investment amount quoted, over the stipulated Rs 1,600 crore.
SVR Srinivas, chief executive officer (CEO), Dharavi Redevelopment Project, said, "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 the approval from the state government and also form a special purpose vehicle (SPV) for the redevelopment of Dharavi.”
After numerous failed attempts over the past 15 years, the rehabilitation of Dharavi will soon begin with the selection of the winning bidder.
According Moneycontrol, the winner of the Rs 20,000-crore project is decided on the basis of the highest initial investment pledge. The project is expected to be finished in 17 years, while the rehabilitation process should be finished in seven years, according to the Maharashtra government. The Dharavi redevelopment project is anticipated to result in the construction of more than 10 million square feet overall.
The state government on October 1 floated a global tender for the redevelopment and rehabilitation of Dharavi after a failed attempt in 2019.
Dharavi, spread across 300 acres, hubs several small-scale, unorganised industries that manufacture medicines, leather, footwear, and clothes. With an estimated population of one million, Dharavi is located in Central Mumbai in close proximity to the commercial hub like Bandra Kurla Complex and south Mumbai.