Adani Properties awarded the Dharavi redevelopment project

With an initial investment of Rs 50.69 billion, the Adani Group has won the bid to redevelop Dharavi, one of the world's largest slums.

Adani Group won the bid with a bid of Rs 5,069 crore, DLF Group submitted a bid of Rs 2,025 crore and Naman Group's bid was not opened due to technical reasons.

The Adani Group bid is only for the initial investment in the project of Rs 200 billion, and the company will be required to form a special purpose vehicle under the bid criteria (SPV). Thereafter, 20 percent of the initial investment must be submitted before the development agreement is signed, with an additional 20 percent due upon submission of an integrated master plan.

Maharashtra's government is attempting to build Asia's largest slum for the fourth time in the past 18 years, which will house nearly 58,000 families and 12,000 commercial establishments. The redevelopment plan is an integrated approach for residential, commercial and industrial development with a floor space index of more than 4.