Adani's JV takes on Dharavi redevelopment amid legal controversy
Real Estate

Adani's JV takes on Dharavi redevelopment amid legal controversy

Gautam Adani's real estate division, a prominent Indian billionaire, has established a collaborative venture with Mumbai's Slum Rehabilitation Authority, marking a significant stride in the rejuvenation of Dharavi, one of Asia's largest slums mired in legal disputes.

A spokesperson from the Adani Group has confirmed the establishment of the entity, named Dharavi Redevelopment Project, without providing further details. The redevelopment of Dharavi, home to approximately one million people, has faced protracted delays over the years.

The formation of this joint venture assumes paramount importance, particularly as Adani is currently entangled in an ongoing legal dispute with a rival bidder, Dubai-based SecLink Technologies Corporation. SecLink contends that the Maharashtra state in Mumbai unjustly annulled the initial bidding process in 2018 and reinitiated it to ensure Adani's victory. Both the state and Adani vehemently deny any wrongdoing, insisting that SecLink's claims lack merit.

According to SVR Srinivas, the head of the state-run Dharavi Redevelopment Authority, the state government will appoint the chairman of the new 80:20 Adani Properties-state government joint venture, while the CEO will be selected from Adani's team. The subsequent step will involve the submission of a comprehensive master plan by the Adani Group, encompassing vital aspects such as infrastructure development, rehabilitation efforts, and public amenities.

Dharavi, a sprawling slum that covers an area roughly three-quarters the size of New York's Central Park, gained international recognition through its portrayal in Danny Boyle's Oscar-winning film "Slumdog Millionaire."

In July, the Adani Group secured the Dharavi rebuilding project by submitting a bid of $610 million. However, apart from the legal challenge posed by SecLink, concerns have been raised among Dharavi residents about billionaire Adani's ability to deliver on this ambitious project, especially in light of prominent financial setbacks following allegations of improper dealings made by US short seller Hindenburg in January, allegations which Adani vehemently refutes.

Gautam Adani's real estate division, a prominent Indian billionaire, has established a collaborative venture with Mumbai's Slum Rehabilitation Authority, marking a significant stride in the rejuvenation of Dharavi, one of Asia's largest slums mired in legal disputes. A spokesperson from the Adani Group has confirmed the establishment of the entity, named Dharavi Redevelopment Project, without providing further details. The redevelopment of Dharavi, home to approximately one million people, has faced protracted delays over the years. The formation of this joint venture assumes paramount importance, particularly as Adani is currently entangled in an ongoing legal dispute with a rival bidder, Dubai-based SecLink Technologies Corporation. SecLink contends that the Maharashtra state in Mumbai unjustly annulled the initial bidding process in 2018 and reinitiated it to ensure Adani's victory. Both the state and Adani vehemently deny any wrongdoing, insisting that SecLink's claims lack merit. According to SVR Srinivas, the head of the state-run Dharavi Redevelopment Authority, the state government will appoint the chairman of the new 80:20 Adani Properties-state government joint venture, while the CEO will be selected from Adani's team. The subsequent step will involve the submission of a comprehensive master plan by the Adani Group, encompassing vital aspects such as infrastructure development, rehabilitation efforts, and public amenities. Dharavi, a sprawling slum that covers an area roughly three-quarters the size of New York's Central Park, gained international recognition through its portrayal in Danny Boyle's Oscar-winning film Slumdog Millionaire. In July, the Adani Group secured the Dharavi rebuilding project by submitting a bid of $610 million. However, apart from the legal challenge posed by SecLink, concerns have been raised among Dharavi residents about billionaire Adani's ability to deliver on this ambitious project, especially in light of prominent financial setbacks following allegations of improper dealings made by US short seller Hindenburg in January, allegations which Adani vehemently refutes.

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000