The Adani group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources.
Earlier this week, the company had appointed three companies, including noted architect Hafeez Contractor, as city planners to present a draft development plan for the Asia's largest slum cluster.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
In a statement, the group, which has promised to invest Rs 21,000 crore in the project, said it roped in design firm Sasaki, consultancy firm Buro Happold as design planners for the project as well as some experts from Singapore Housing Development Board.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
The statement did not mention any timeline for the project.
The Adani group had in November 2022 won the bid to redevelop Dharavi, with an initial equity investment of Rs 5,069 crore.
Hafeez Contractor is known for revolutionary social housing and slum rehabilitation authority projects in the city, while Sasaki is an interdisciplinary design firm from the U.S. and Buro Happold is a consultancy from England known for its creative and value-driven infrastructure solutions.
When asked about the media reports that the company was about to reach financial closure for the project with two lenders agreeing to fund it, a source in the know said the tender conditions are very clear, we cannot raise any debt to fund the project. We will dip into our own finances and look at other innovative financial instruments. But currently we haven't reached a stage where we've to tap the markets to raise funds.
Sources further said the group has envisaged the project with a human centric approach, taking into consideration the flourishing businesses and entrepreneurs of Dharavi.
The objective is to not only safeguard the livelihoods of the residents of the area but also to enhance their skills. Towards this they will be setting up a skill development centre, which will have special focus on women and the youth, to all the citizens of the area, prepare them for a better future, the source said.
(Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
