Adani Unveils Self-Funded Strategy for Dharavi Rejuvenation

08 Jan 2024 CW Team

The Adani Group, tasked with rejuvenating Mumbai's iconic Dharavi slum, has outlined its financial strategy for the mega-project. Ditching external debt, the conglomerate plans to rely on internal resources and potentially offload equity in a dedicated "special purpose vehicle" (SPV) established for the venture.

This decision comes alongside the appointment of a dream team for the project's blueprint. Architectural luminary Hafeez Contractor leads the city planning consortium, joined by renowned design firm Sasaki and infrastructure consultancy Buro Happold, both bringing global expertise to the table. The team boasts further reinforcement from seasoned professionals from Singapore's Housing Development Board.

Despite committing a mammoth Rs 21,000 crore to Dharavi's transformation, the Adani Group remains tight-lipped on a concrete timeline. However, their proactive approach is evident in securing top talent and finalizing financial plans. Notably, the initial Rs 5,069 crore equity investment has already been made.

Human-centricity is the bedrock of Adani's vision for Dharavi. Recognizing the existing economic ecosystem, the plan prioritizes not just livelihood security but also skill development. A dedicated center, with a special focus on women and youth, aims to equip residents with the tools for a brighter future.

As Dharavi prepares to shed its skin, the Adani Group's self-funded roadmap, coupled with renowned expertise, paints a promising picture for this ambitious endeavor.

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