Adani Group forms JV for redevelopment of Mumbai’s Dharavi slum

22 Sep 2023 , 08:23 AM

The property arm of Indian billionaire Gautam Adani has created a joint venture with Mumbai’s slum rehabilitation authority to redevelop Dharavi, a critical step toward rebuilding one of Asia’s largest slums that is embroiled in legal wrangling.

Adani Group verified the formation of the entity, Dharavi Redevelopment Project Pvt Ltd, without going into further detail. Dharavi’s redevelopment, which houses one million people, has been put off for decades.

The formation of the JV is a vital step, especially given that Adani is facing a legal challenge from a competing bidder, Dubai-based SecLink Technologies Corporation.

SecLink claims that Mumbai’s Maharashtra state improperly cancelled and reopened an original 2018 bidding procedure so that Adani might win. The state and Adani both deny any wrongdoing and argue that SecLink’s complaint should be dismissed.

The Dharavi slum, roughly three-quarters the size of New York’s Central Park, was featured in Danny Boyle’s Oscar-winning film ‘Slumdog Millionaire’ in 2008.

Adani Group won the Dharavi reconstruction project in July after bidding $610 million.

Apart from the legal challenge by SecLink, Dharavi locals are apprehensive about billionaire Adani’s ability to deliver despite high-profile financial failures following charges of unethical practices by US short-seller Hindenburg in January, which he denies.

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