Billionaire Gautam Adani has an ambitious plan — to transform Dharavi, one of Asia's largest slums in the heart of Mumbai, into a modern city hub. His real estate unit had secured government approval last week for this transformative project, winning the bid with an impressive $618-million offer.
"A new chapter of pride and purpose is beginning. It is a historic opportunity for us to create a new Dharavi of dignity, safety and inclusiveness," he wrote in a LinkedIn post on Thursday (July 20).
Adani envisions a future Dharavi that thrives with small businesses and abundant job opportunities, particularly focused on empowering the youth and women.
He plans to collaborate with experts and civil society to achieve this ambitious transformation. The redevelopment strategy is expected to involve the establishment of training centres and research and development facilities, and Adani envisions creating an organised marketplace aligned with India's Open Network for Digital Commerce, although specific details were not disclosed.
Notably, Adani's involvement in the project has faced opposition from certain political parties and local residents who fear that their businesses may be relocated far from the city centre, leading to potential job losses.
The Dharavi redevelopment project is situated on approximately 620 acres (250 hectares) of prime real estate in Mumbai's financial capital, home to over 20 million people. Over the years, administrators have faced challenges in modernising the neighbourhood, including acquiring large tracts of land, attracting investors to an area lacking stable utilities, and resettling an estimated one million residents.
Adani believes that the new Dharavi will produce millionaires without the ‘slumdog’ prefix, referencing the famous film Slumdog Millionaire that brought Dharavi into the global spotlight.
“After we are done, if Mike Tyson does visit Dharavi again, he may not be able to recognise the Dharavi he saw earlier but I am sure that he will still find its soul as spirited and alive as ever,” Adani wrote.
With inputs from Bloomberg
