Adani forms joint venture for Dharavi slum redevelopment

26 Sep 2023 CW Team

Indian billionaire Gautam Adani's property unit, Adani Properties, has formed a joint venture with Mumbai's slum rehabilitation authority to redevelop Dharavi, one of Asia's largest slums, marking a significant step towards its transformation after decades of delays and legal controversies. The joint venture, named Dharavi Redevelopment Project Pvt Ltd, was confirmed by a spokesperson from the Adani Group. The redevelopment project for Dharavi, home to one million people, has faced numerous setbacks and legal challenges.

The establishment of this joint venture takes place amid an ongoing legal dispute involving a rival bidder, Dubai-based SecLink Technologies Corporation. SecLink has alleged that the Maharashtra state improperly canceled the original 2018 bidding process and restarted it to favor Adani. Both the state government and Adani deny any wrongdoing and have called for SecLink's case to be dismissed.

The chairman of the new joint venture, in which Adani Properties holds an 80% stake, will be appointed by the state government, while the CEO will be from Adani's team. The next crucial step involves Adani Group submitting a master plan detailing infrastructure, rehabilitation, and public amenities for the Dharavi redevelopment.

Dharavi, which covers an area three-quarters the size of New York's Central Park, gained global recognition after being featured in the Oscar-winning film "Slumdog Millionaire." Adani Group secured the Dharavi rebuilding project in July with a winning bid of $610 million. Despite the legal challenge from SecLink, there are concerns among Dharavi residents about Adani's ability to deliver on the project, given the billionaire's financial setbacks following allegations of improper dealings by U.S. short seller Hindenburg in January, which Adani denies.

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