January 30, 2023

Indian billionaire Adani’s firm wins bid to develop vast Mumbai slum

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The real estate unit of Indian billionaire Gautam Adani’s Adani Enterprises has won the right to redevelop Mumbai’s Dharavi neighborhood, India’s largest slum, with a bid of 50 billion rupees ($612 million), a state official said. Told on Tuesday.

Considered to be Asia’s largest slum, Dharavi is a densely populated area where thousands of poor families live in cramped quarters in the heart of India’s financial capital. Many residents do not have access to running water or clean toilets.

Redevelopment was first initiated in the 1980s to develop valuable land while providing adequate housing for residents.

Adani’s winning bid of 50 billion rupees was more than double that of real estate group DLF, which bid 20 billion rupees ($244.87 million), said SVR Srinivas, CEO of the Dharvi Redevelopment Project. A government institution in the western state of Maharashtra.

“It will be a township – a city within a city, with mixed land use, both commercial and residential,” Srinivas told Reuters, describing the redevelopment, which will cover 625 acres (253 hectares). “World’s Largest Urban Renewal Scheme”. ”

It is the latest mega project undertaken by the ports-to-energy group Adani Enterprises, which already supplies power to Mumbai through its listed unit Adani Transmission Limited.

Another group project, a $900 million port redevelopment in Kerala state, has been stalled by protesters for months. To date, there has been no major protest against the reconstruction of Dharavi.

Adani Enterprises said last week it would raise 200 billion Indian rupees ($2.45 billion) in India’s biggest follow-on public offering of new shares as it aggressively expands into sectors such as cement and healthcare. is, amid some concerns about its high debt levels.

According to its website, the Dharavi redevelopment will be the fourth project launched in Mumbai and the 24th across the four cities.

Earlier this year, Chairman Gautam Adani said the Adani group would invest more than $100 billion over the next decade, much of it as part of an effort to transition to renewable energy.

An Adani Group spokesperson did not respond to a request for comment on the Dharvi bid.

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