Adani forms SPV for Dharavi redevelopment project

Mumbai: In another important development in the Dharavi Redevelopment Project, Adani Properties moved a step forward and formed a Special Purpose Vehicle called the Dharavi Redevelopment Project Pvt Ltd days before the government-mandated deadline of September 16. After the state cabinet approved Adani Properties’ bid in December 2022, the project saw a six-and-a-half-month deadlock. As an equity partner of the project spread over 240.35 hectares, the state government has allocated ₹100 crore from its kitty while the Adani group will spend ₹400 crore as the project’s chief partner. Within a week of issuing the first order, the government gave the Letter of Award to Adani Properties to execute the project and form a Special Purpose Vehicle.