iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

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

22 Sept 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.

For feedback and suggestions, write to us at editorial@iifl.com


Related Tags

  • Adani Group
  • Adani Group Dharavi Slum
  • Adani Group JV
  • Adani Group News
  • Dharavi Slum
sidebar mobile


Read More

Most Read News

Indices close lower amid volatility
28 May 2024|03:40 PM
Gaurav Banerjee Takes Helm at Sony India
28 May 2024|01:20 PM
Indian markets in mixed zone
28 May 2024|02:23 PM
Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.