Adani Group on Tuesday emerged as the highest bidder for a project to redevelop Mumbai’s Dharavi slum cluster. The Indian Express reported.
SVR Srinivas, CEO of the Dharavi Redevelopment Project, said the conglomerate led by billionaire Gautam Adani had submitted a bid of Rs 5,069 crore for the project, while DLF Group quoted Rs 2,025 crore.
“There were three candidates in total,” Srinivas said. “However, only Adani and DLF were qualified in the final bidding as the other bidder, Naman Group, did not qualify.” He added that his office will now approach the Maharashtra government to decide the next steps to be undertaken, and will form a special committee for the project.
The project will lead to the rehabilitation of 6.5 lakh slum dwellers currently living in an area spread over 2.5 square kilometers. It will include the redevelopment of buildings and informal housing, as well as the development of infrastructure such as water supply and sanitation in Dharavi, considered one of the world’s largest slums.
Adani Group, along with the government’s Slum Rehabilitation Authority, will have to set up a special purpose vehicle to implement the project. The project is expected to be completed in seven years, Srinivas said, according to PTI.
In October, eight organizations, including those based in South Korea and the United Arab Emirates, attended a pre-bid meeting. However, only three of them – Adani Group, DLF and Mumbai-based real estate firm Naman Developers – have actually bid for the project.