Adani not to raise debt for Dharavi overhaul project

Mumbai, January 3

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The Adani Group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources.

Earlier this week, the company had appointed three companies, including noted architect Hafeez Contractor, as city planners to present a draft development plan for the Asia’s largest slum cluster.

In a statement, the Group, which has promised to invest Rs 21,000 crore in the project, said it roped in design firm Sasaki, consultancy firm Buro Happold as design planners for the project as well as some experts from Singapore Housing Development Board. It did not mention any timeline for the project.