Dharavi redevelopment: Adani Group bags project with Rs 5,069 crore bid

The Adani Group has emerged as the highest bidder for the 259hectare Dharavi Redevelopment Project a top official said on TuesdayThe group has put in a Rs 5069 crore bid for the redevelopment of one of the largest slum sprawls in the world outbidding DLF which had quoted Rs 2025 crore chief executive officer of the project S V R Srinivas saidWe will now be sending the details to the government which will consider and give final approval he told PTI adding that the Eknath Shinde government will approve it in a couple of weeksThe bid is for the entire Rs 20000crore project and the total timeline for the project is seven years to rehabilitate the 65 lakh slum dwellers who are spread over 25 sq km area right now he saidThe project which will help the winning bidder to book high revenues by selling lakhs of square foot of residential and commercial space in central Mumbai has been in limbo for many years now because of its complexitiesAlso ReadVistara to merge with Air India by March 2024Eight bidders including entities from South Korea and the UAE had attended a prebid meet held in October and three of them actually bid for the project Naman Group a citybased developer was the third whose bid did not qualifyThe government has sought a consolidated net worth of a minimum of Rs 20000 crore to choose the winning bid and is likely to evaluate both technical and financial eligibility before awarding the project to the highest bidderThe winning bidder is required to form a special purpose vehicle SPV for executing the project and a staggered timeline of investments has also been stipulated by the government The developer has to take care of rehabilitation renewal amenities and infrastructure componentsAdani already has a realty arm in the country which has already executed or is in the process of executing projects in the financial capital including one in suburban Ghatkopar and another in central Mumbais BycullaThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever