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Adani to kick off Dharavi project with $1.5 bn investment

Livemint

Livemint · 1y ago

Adani to kick off Dharavi project with $1.5 bn investment

Adani Group is planning to invest ₹12,000 crore (approximately $1.5 billion) for the redevelopment of Dharavi, Asia's largest slum in Mumbai. The Maharashtra government has approved the Adani Group to undertake the project, and a special purpose vehicle (SPV) owned 80% by Adani and 20% by the government has been formed. The funding will be provided through internal accruals initially, but external financiers may be considered in the future. The ultimate goal is to transform Dharavi into a modern township with residential, commercial, and infrastructure facilities.

Related News

Adani Group to invest $100 bn over five years in clean energy sector

Economic Times

Economic Times · 2m ago

Adani Group to invest $100 bn over five years in clean energy sector

The Adani Group plans to invest $100 billion over the next five years in the clean energy sector, aiming to achieve a 100 GW energy generation capacity by 2030. The plan includes 31 GW from Adani Power and 45 GW from Adani Green Energy in renewable energy. Additionally, the Group is undertaking a significant urban rehabilitation project in Dharavi and advancing its ports, airports, and solar manufacturing projects, reinforcing its commitment to India's infrastructure development.

A history of India's Dharavi slum and Adani's plans to redevelop it

Reuters · 2y ago

A history of India's Dharavi slum and Adani's plans to redevelop it

Indian billionaire Gautam Adani plans to transform Mumbai's Dharavi slum into a modern city hub. The timeline of Dharavi's development includes failed efforts to redevelop the 594-acre slum. Dharavi's growth began in the 1800s with migration into Mumbai. Various attempts have been made over the years to improve living conditions and redevelop the slum. In 2023, the Maharashtra state government awarded the Dharavi project to Adani Group after multiple bids and legal disputes.

Dharavi redevelopment: 'Businesses rehabilitated to get SGST refund for 5 years,' says DRPPL

Money Control

Money Control · 1y ago

Dharavi redevelopment: 'Businesses rehabilitated to get SGST refund for 5 years,' says DRPPL

The Adani Group and the Maharashtra government have partnered with architect Hafeez Contractor for the Dharavi redevelopment project, aiming to redevelop and rehabilitate almost 1 million residents in the slum cluster. As part of the project, eligible industrial and commercial units in the redeveloped area will receive benefits such as a refund of State Goods and Services Tax (SGST), helping formalize local businesses. The tax rebate will be available for five years after the issuance of the occupation certificate for the newly constructed buildings in Dharavi. The overall project is expected to take 17 years, with seven years dedicated to rehabilitating slum dwellers.

Adani Group’s Dharavi dream faces reality check as land acquisition challenges mount | Mint

Livemint

Livemint · 1y ago

Adani Group’s Dharavi dream faces reality check as land acquisition challenges mount | Mint

The redevelopment project of Dharavi, one of Asia's largest slums, faces obstacles in securing land for rehabilitation. The joint venture led by billionaire Gautam Adani is struggling to relocate the impoverished residents, leaving around 700,000 people ineligible for free homes. Acquiring additional land is crucial for the project's success, but so far no land has been obtained. Despite the challenges, Adani remains optimistic and hopes the project will bring positive change to the area in the future. The project aims to be completed within seven years.

Abu Dhabi, Qatar wealth funds back Adani Energy's share sale of up to $1 bn

VCCircle

VCCircle · 1y ago

Abu Dhabi, Qatar wealth funds back Adani Energy's share sale of up to $1 bn

Abu Dhabi Investment Authority and Qatar Investment Authority have reportedly invested in Adani Energy Solutions' share sale in India, supporting the company with up to $1 billion. This marks Adani Group's first equity fundraising since a previous $2.5 billion share sale was cancelled due to accusations of offshore tax havens and stock manipulation. The recent investment is expected to aid Adani in recovering from the sell-off that occurred after the accusations were made. The share sale by Adani Energy, the power transmission and distribution company, raised funds through a Qualified Institutional Placement.

‘Rules don’t always get implemented’: Srikanth Bolla challenges XL Cinema founders on scalability in Shark Tank India 4

Business Today

Business Today · 5m ago

‘Rules don’t always get implemented’: Srikanth Bolla challenges XL Cinema founders on scalability in Shark Tank India 4

XL Cinema, which enhances accessibility for visually impaired individuals by providing descriptive audio for films, appeared on Shark Tank India seeking Rs 1.5 crore for 1.5% equity. With Rs 65 lakh revenue and charging Rs 4 lakh per project delivered in 30 hours, they outperform the industry's week-long standard. Jeet Adani offered Rs 1 crore in two parts. Srikanth Bolla questioned the scalability, highlighting that rules aren't always enforced, which could impact growth.

Adani plans $9 bn capex to kickstart green hydrogen biz

Livemint

Livemint · 1y ago

Adani plans $9 bn capex to kickstart green hydrogen biz

Indian conglomerate Adani Group is planning to invest $9bn to build manufacturing and transportation infrastructure for its green hydrogen venture. The company aims to achieve a capacity of 1 million tonnes per annum of green hydrogen in the first phase, which will be produced by breaking down water using renewable power. Adani plans to hire specialized ships to export the hydrogen to Europe and Asia. The first phase will be based on alkaline electrolyzers, but Adani also plans to manufacture electrolyzers based on anion exchange membrane in the future. The project is expected to create 7,500-10,000 new jobs and plays a critical role in the company's future plans.

Adani to invest $14 bn in FY25

Thehindubusinessline

Thehindubusinessline · 1y ago

Adani to invest $14 bn in FY25

Adani Group, led by chairman Gautam Adani, plans to invest over ₹1.2 lakh crore (about $14 billion) in various sectors such as ports, energy, airports, commodities, cement, and media. This investment is part of the company's goal to spend $100 billion in the next 7-10 years to expand its businesses. About 70% of the planned investment will be allocated to Adani's green portfolio, including renewable power and green hydrogen projects. The company's strong cash flows and profitability have paved the way for these mega-scale investments.

Adani Green to raise $1.12 bn to expand renewable energy capacity

VCCircle

VCCircle · 1y ago

Adani Green to raise $1.12 bn to expand renewable energy capacity

Adani Green Energy, an Indian renewable energy company, will receive a $1.12 billion investment from its key shareholders to expand its renewable power capacity. The company plans to issue 63.1 million warrants on a preferential basis, with each warrant convertible into an equity share. The funds will be used to reduce debts and accelerate investment in various projects. Adani Green aims to achieve its target of 45 GW renewable capacity by 2030, up from the current 8.4 GW. The company has already raised $3 billion for its renewable capacity.

Adani’s resurgence: A $5-7 bn war chest for cement, ports, defence acquisitions

Livemint

Livemint · 11m ago

Adani’s resurgence: A $5-7 bn war chest for cement, ports, defence acquisitions

The Adani group has set aside $5-7 billion for acquisitions in various sectors, including cement, airports, defense, ports, power, and consumer goods. The conglomerate plans to continue its aggressive expansion strategy amid easing concerns following allegations made by a short-seller last year. The group aims to become India's top cement player within five years and is also targeting acquisitions in the defense and aerospace industries. Additionally, the Adani group has allocated $1.5 billion for acquisitions in the ports space to support its goal of becoming one of the world's largest port operators by 2027.

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