In a strategic move, the Adani Group is set to fund the complete redevelopment of Dharavi slums through internal accruals and potential equity sale in the Special Purpose Vehicle (SPV) dedicated to the project. This ambitious initiative aligns with the recent appointment of city planners, including renowned architect Hafeez Contractor, tasked with drafting a development plan for Asia's largest slum cluster. The Adani Group's comprehensive financing approach underscores its commitment to the transformative redevelopment of Dharavi, promising significant urban revitalization.
In a significant update, the Adani Group, committed to a substantial Rs 21,000 crore investment in the Dharavi project, has enlisted the expertise of design firm Sasaki and consultancy firm Buro Happold as key design planners. Additionally, the project has attracted skilled professionals from the Singapore Housing Development Board. This collaborative effort signals a crucial phase in the Dharavi revitalization, with strategic partnerships and a substantial financial commitment shaping the trajectory of this transformative venture.
Securing the redevelopment bid for Dharavi in November 2022 with an initial equity injection of Rs 5,069 crore, the Adani Group is now poised to redefine urban living in this iconic slum cluster. Notably, acclaimed architect Hafeez Contractor, renowned for groundbreaking social housing and slum rehabilitation authority projects, adds his visionary touch to the project. Collaborating with international expertise, the design team includes Sasaki, an interdisciplinary design firm from the US, and Buro Happold, an English consultancy celebrated for its creative and value-driven infrastructure solutions. This strategic amalgamation of talent and financial commitment solidifies Adani's position at the forefront of Dharavi's transformative journey.
Addressing recent media speculation on the financial outlook of the Dharavi redevelopment project, a reliable source within the Adani Group clarified the intricacies. According to the insider, the tender conditions explicitly state that the project cannot seek external debt for funding. Instead, the group plans to utilize internal resources and explore innovative financial instruments. At this juncture, there is no immediate need to tap into external markets for funds. This distinctive financial strategy underscores Adani's commitment to self-sustained progress in the Dharavi venture.
Going beyond conventional redevelopment, the Adani Group envisions the Dharavi project with a distinctive human-centric approach. In a concerted effort to uplift the thriving businesses and entrepreneurs in Dharavi, the project aims not only to preserve existing livelihoods but also to elevate skill sets. As part of this transformative vision, a dedicated skill development center will be established, placing special emphasis on empowering women and youth. The objective is clear: to equip all citizens of the area with enhanced skills, paving the way for a brighter and more sustainable future. Adani's commitment to holistic development in Dharavi takes a significant step forward with this inclusive and community-driven initiative. Stay tuned for updates on the impactful social aspects of the Dharavi revitalization.
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