Khushboo Singh
Nov.29, MUMBAI – According to a state official on Tuesday, the real estate division of Indian billionaire Gautam Adani’s Adani Enterprises (ADEL.NS) has won the proposal to reconstruct India’s largest slum, the Dharavi neighbourhood of Mumbai, for 50 billion rupees ($612 million).Dharavi, in the heart of India’s financial capital, is home to thousands of low-income households in overcrowded conditions and is sometimes cited as the largest slum in Asia. Many people in this area lack basic amenities like plumbing and sanitation.
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The idea for the redevelopment dates back to the 1980s, when it was proposed as a method to increase property values and improve living conditions in the area.According to SVR Srinivas, CEO of the Dharavi Redevelopment Project in the western Indian state of Maharashtra, Adani’s winning proposal of 50 billion rupees was more than double that of real estate giant DLF’s bid of 20 billion rupees ($244.87 million).Srinivas told Reuters that the redevelopment, which will cover 625 acres (253 hectares), is “the world’s largest urban renewal scheme” because “it will be a township – a city within a city, with mixed land use, both commercial and residential.”It is the most recent massive undertaking by the ports-to-energy giant Adani Enterprises, whose listed arm Adani Transmission Ltd (ADAN.NS) already provides power to the metropolis of Mumbai.It is the most recent massive undertaking by the ports-to-energy giant Adani Enterprises, whose listed arm Adani Transmission Ltd (ADAN.NS) already provides power to the metropolis of Mumbai.Adani Enterprises, which is quickly expanding into areas including cement and healthcare despite some concerns about its elevated debt levels, announced last week that it would raise 200 billion Indian rupees ($2.45 billion) in India’s largest follow-on public offering of fresh shares.
