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Maharashtra Government Stands By Adani Group Over Dharavi Redevelopment Project

The embattled Adani Group has been provided with much-needed relief by the Maharashtra government, which has strongly defended its decision to entrust the Dharavi redevelopment project to the giant. Disregarding a demand to drive the conglomerate away in view of the clouds hovering over it due to the Hindenburg disclosures, deputy chief minister Devendra Fadnavis made this clear in the state assembly. Dharavi’s Congress MLA and former minister Varsha Gaikwad had demanded that the project should be handed over to some other reputed firm by taking it away from Adani. Maintaining that the group had won the bid in open competition, Fadnavis said unless Adani Group fulfilled all the legal and financial formalities, the government would not issue it with a letter of intent (LoI). If financial institutions were satisfied with Adani’s status, they would extend the funding. In such a situation, there was no reason for the government to intervene. Former finance minister Jayant Patil reminded the government that Adani had recently withdrawn from a huge power project buyout in Central India and asked what was the timeline for completion of the project?. It will be completed within seven years, Fadnavis assured him.  The project was originally conceived nearly three decades ago. Redeveloped Dharavi will absorb the overflow into the Bandra-Kurla Complex (BKC) and add billions to the government’s coffer.