The Maharashtra authorities has authorised Adani Group’s bid for the redevelopment of Dharavi’s slums in Mumbai. The Eknath Shinde-led authorities has issued the federal government decision (GR) on this regard on Thursday.

Final yr, Adani Group’s Adani Properties had emerged as the very best bidder for the 259-hectare Dharavi Redevelopment Undertaking.

The GR is formal notification from the federal government which might assist the group to start out work on the venture.  The GR has been issued by the Housing division and has instructed all the federal government departments to subject their orders inside per week.

This could come as a shot within the arm for the Gautam Adani-led Adani Group, which has been jolted by US short-seller Hindenburg Analysis’s report in January the place it accused the conglomerate of improper use of tax havens and expressed considerations over its debt ranges.

The conglomerate had put in a Rs 5,069-crore bid for the redevelopment of one of many largest slum sprawls on the earth, outbidding DLF, which had quoted Rs 2,025 crore.

The venture, anticipated to price round Rs 23,000 crore, might be one of many largest redevelopments by a authorities company in India by way of world tendering.

The overall timeline for the venture is seven years to rehabilitate the 6.5 lakh slum dwellers who’re unfold over 2.5 sq km space proper now.

The venture, which can assist Adani Group to ebook excessive revenues by promoting lakhs of sq. foot of residential and industrial area in central Mumbai, has been in limbo for a few years now due to its complexities.

Eight bidders, together with entities from South Korea and the UAE, had attended a pre-bid meet held in October 2022 and three of them really bid for the venture. Naman Group, a city-based developer, was the third whose bid didn’t qualify.

The federal government has sought a consolidated internet value of a minimal of Rs 20,000 crore to decide on the profitable bid.

Adani might be required to kind a particular goal automobile (SPV) for executing the venture, and a staggered timeline of investments has additionally been stipulated by the federal government. The developer has to care for rehabilitation, renewal, facilities and infrastructure elements.

Adani is within the technique of executing initiatives within the nation’s monetary capital, together with one in suburban Ghatkopar and one other in central Mumbai’s Byculla.

The redevelopment will begin in phases with the Adani Group shifting the current inhabitants to transit camps as they construct new houses for them. The venture may also construct free sale buildings that may assist to get well the venture prices, reported Enterprise Normal on Friday.

With inputs from PTI