According to insiders, the Adani group, which is redeveloping the Dharavi slums, intends to fund the entire project through internal accruals and the possible sale of stock in the special purpose vehicle (SPV) set up for the project. Earlier this week, the business hired three city planners, including famed architect Hafeez Contractor, to propose a draft development plan for Asia's largest slum cluster.
The group, which has planned to invest Rs 21,000 crore in the project, said in a statement that it has hired design firm Sasaki, consultancy firm Buro Happold, and several specialists from Singapore Housing Development Board as design planners for the project.
The project's timeline was not mentioned in the statement. The Adani group won the bid to reconstruct Dharavi in November 2022, with an initial equity investment of Rs 5,069 crore.
Hafeez Contractor is known in the city for groundbreaking social housing and slum rehabilitation authority projects, while Sasaki is an interdisciplinary design firm from the United States and Buro Happold is an English consultant known for its creative and value-driven infrastructure solutions.
When queried about media rumors that the company was nearing financial close on the project, with two lenders willing to fund it, a source in the know stated, "The tender conditions are very clear, we cannot raise any debt to fund the project." We will examine other novel financial instruments as well as our own money. However, we have not yet reached the point where we need to raise capital from the markets. According to sources, the consortium envisions the project with a human-centric approach, taking into account Dharavi's thriving enterprises and entrepreneurs.
The goal is to not only protect the lives of the population of the area, but also to improve their abilities. According to the source, they would set up a skill development center for all people of the area, with a special focus on women and youth, to prepare them for a better future.
