Adani to get LOI for Dharavi project on confirming financial capacity

23 Mar 2023 CW Team

He was responding to Congress MLA Varsha Gaikwad's concerns about the project in the aftermath of Hindenburg Research's allegations of stock manipulation against the Adani group. Gaikwad also inquired whether a new tender for the project would be issued. Fadnavis claimed that the tendering process was open and transparent.

A global tender was held, and three parties responded. He stated that the bids of the two parties were proper, and that the contract was awarded to the highest bidder among them. "So it is incorrect to say that the process was flawed. The LoI has not been issued yet. This is because it is issued only after all the departments take that decision. "There is one decision (yet to be made) from the Urban Development department after which the LoI will be awarded," Fadnavis said.

The Adani group was the highest bidder for the 259-hectare Dharavi Redevelopment Project in November 2021.

DLF's offer of Rs 20.25 crore was outbid by the group's bid of Rs 5,069 crore.

The tender states that the money will be paid in advance, and the winning firm will provide a bank guarantee, according to Fadnavis.

"Before issuing the LOI, they (the company which has won the tender) have to show whether they are financially capable, they have to show whether the bank is ready to give them money, and deposit a certain amount in a dedicated account," the deputy CM said. "If they comply with everything, they can execute the project....If they do not, they will not get the LoI," he added. Dharavi, known as Asia's biggest slum cluster, is located in central Mumbai. It is also a hub of small-scale, unorganised industries that manufacture leather items, footwear and clothes among other things.

According to Maharashtra Deputy Chief Minister Devendra Fadnavis, the Adani group, which won the tender for Dharavi redevelopment, will receive the Letter of Intent (LoI) only after demonstrating financial capability to carry out the project. He was responding to Congress MLA Varsha Gaikwad's concerns about the project in the aftermath of Hindenburg Research's allegations of stock manipulation against the Adani group. Gaikwad also inquired whether a new tender for the project would be issued. Fadnavis claimed that the tendering process was open and transparent. A global tender was held, and three parties responded. He stated that the bids of the two parties were proper, and that the contract was awarded to the highest bidder among them. So it is incorrect to say that the process was flawed. The LoI has not been issued yet. This is because it is issued only after all the departments take that decision. There is one decision (yet to be made) from the Urban Development department after which the LoI will be awarded, Fadnavis said. The Adani group was the highest bidder for the 259-hectare Dharavi Redevelopment Project in November 2021. DLF's offer of Rs 20.25 crore was outbid by the group's bid of Rs 5,069 crore. The tender states that the money will be paid in advance, and the winning firm will provide a bank guarantee, according to Fadnavis. Before issuing the LOI, they (the company which has won the tender) have to show whether they are financially capable, they have to show whether the bank is ready to give them money, and deposit a certain amount in a dedicated account, the deputy CM said. If they comply with everything, they can execute the project....If they do not, they will not get the LoI, he added. Dharavi, known as Asia's biggest slum cluster, is located in central Mumbai. It is also a hub of small-scale, unorganised industries that manufacture leather items, footwear and clothes among other things. See also: Adani Properties awarded the Dharavi redevelopment projectThree bidders vying for Mumbai’s Dharavi slum redevelopment

Infrastructure Urban

04 Dec 2025

ISRO’s IMAT Success Boosts Readiness for Maiden Gaganyaan Mission

Union Minister of State for Science and Technology Dr Jitendra Singh informed Parliament that ISRO has achieved a key milestone in its preparations for India’s first human space mission with the successful completion of the Integrated Main Parachute Airdrop Test (IMAT). He said in the Lok Sabha that the test forms a central part of the qualification campaign for the Crew Module’s parachute-based deceleration system, one of the most vital elements in human-rating the mission.According to Dr. Jitendra Singh, the IMAT recreated one of the most demanding descent conditions by intentionally del..

Infrastructure Urban

04 Dec 2025

Gyanesh Kumar Takes Charge as Chair of International IDEA Council

Chief Election Commissioner of India Gyanesh Kumar has assumed the Chairship of the Council of Member States of the International Institute for Democracy and Electoral Assistance for 2026. The ceremony in Stockholm was also attended by India’s Ambassador to Sweden, Anurag Bhushan. India, a founding member of International IDEA, has long contributed to the organisation’s governance and global democratic dialogue, and the new Chairship signals broad recognition of the Election Commission of India as a trusted and innovative election management institution.During his visit, Kumar held discuss..

Infrastructure Energy

04 Dec 2025

Coal Mines Boost Local Growth and Support India’s Energy Self-reliance

The Magadh and Amrapali coal mines in Jharkhand are playing a pivotal role in strengthening India’s energy security, contributing nearly half of Central Coalfields Limited’s total coal production in 2024–25. Both mines support the broader goal of ensuring steady coal availability for the power sector under the vision of Aatmanirbhar Bharat. Magadh has estimated mineable reserves of 854.91 million tonnes, while Amrapali holds 456.34 million tonne. For FY 2025–26, the two are expected to generate net sales revenues of Rs 28.12 billion and Rs 23.67 billion respectively. Local development ..