Adani to Invest $2 Bn in Building Jio World Like Convention Centre

Adani Group has announced plans to invest $2 billion in building an International Convention Centre (ICC) near the upcoming Navi Mumbai airport. This new convention center aims to rival Jio World in Bandra Kurla Complex, Mumbai.

The convention center will be located near the Navi Mumbai airport, providing a locational advantage with better connectivity compared to Jio World.

In February this year, Adani Realty had won a 24-acre reclamation redevelopment project near the Bandra-Worli sealink. The project includes around 6-8 million square feet of residential, commercial, and retail development, including a 25,000-seat convention center.

At present, the Jio World Convention Centre is the city's largest, with a total area of about 1 million sq. ft.

ICC, the convention center, will have a 5-star hotel with 275 rooms with total indoor area of about 1.2 million sq. ft, with 0.3 million sq. ft of space for vehicle parking and other purposes.

The upcoming convention centre spanning 1.5 million sq. ft, will be able to accommodate 15,000-20,000 people. It will be owned and managed by Adani Airport Holdings Ltd, despite of the fact that most of Adani's real estate projects are owned by Adani Realty.

The development will feature hospitality, corporate meeting spaces, and retail areas, creating a comprehensive ecosystem around the new airport. This investment is part of Adani Realty's broader strategy to expand its real estate footprint in Mumbai and other cities.

This ambitious project is expected to transform the area into a major hub for large-scale events, exhibitions, and social gatherings.

The MICE market (Meetings, Incentives, Conferences, and Exhibitions) is a significant segment of the travel and tourism industry. The global MICE market was valued at $802.59 billion in 2023 and is expected to grow at a CAGR of 9.1% from 2024 to 2030. By 2032, the market is projected to reach $2,309.4 billion, registering a CAGR of 11.6% from 2023.

The Asia Pacific region, including India, is expected to experience the fastest growth due to increasing government support and infrastructural development.

Yashobhoomi, developed by the India International Convention & Exhibition Centre (IICC) Ltd, is India's largest convention and exhibition center. Located at the border of Delhi and Gurgaon in Dwarka, New Delhi, it offers state-of-the-art facilities for hosting national and international events.

Yashobhoomi has a 3,500 square meter banquet room equipped with high-spec audiovisual systems. It has an 8,000 square meter digital display visible from all sides. Totaling 51,000 square meters, these halls can be divided into four sections for simultaneous events. It has India's largest auditorium with a seating capacity of 6,000.

Yashobhoomi is part of a larger smart city project driven by the Government of India, aiming to create a comprehensive ecosystem for events, exhibitions, and entertainment.

About the Jio World Convention Centre, it is located in the Bandra Kurla Complex (BKC) in Mumbai and is one of India's premier venues for exhibitions, conventions, meetings, and social events. The convention center spans 1,03,012 sq. m., making it one of the largest in India. The center includes 25 meeting rooms and 2 business lounges, all equipped with cutting-edge technology.

The center is LEED Platinum certified, featuring an intelligent parking management system, over 5,000 dedicated parking spaces, and charging stations for electric cars.

The largest convention center in the Asia-Pacific region is the National Exhibition and Convention Centre (NECC) in Shanghai, China. It boasts an impressive 3.38 million square feet of exhibition space, making it one of the biggest in the world.

The Suntec Singapore Convention & Exhibition Centre is a world-class venue located at 1 Raffles Boulevard, Singapore. It offers 100,000 square meters of available floor space, making it one of the largest and most versatile convention centers in the region. The center can cater to events ranging from 10 to 10,000 people, with various customizable spaces.

Adani Realty Forms JV To Redevelop Asia's Biggest Slum Dharavi

Indian multinational conglomerate, Adani Group's Real Estate unit, Adani Realty, has formed a joint venture with Mumbai's slum rehabilitation authority to redevelop the Dharavi, a key step towards rebuilding one of Asia's biggest slums, Dharavi, inhabitating over 1 million people.

A Special Purpose Vehicle (SPV) called the Dharavi Redevelopment Project Pvt Ltd has been formed by Adani Realty. This was confirmed by a spokesperson from Adani Group, as per several media reports.

The move from the Gujarat-based group comes just before the government's 16 September deadline. The SPV will consist of representatives from both the state government and the Adani group.

It was in November of last year when Adani group has won the bidding process for the redevelopment of Mumbai’s Dharavi, with an initial investment commitment of Rs 5,069 crore, against a base price of Rs 1,600 crore.

The master-plan, which must be submitted within 150 days, will outline the locations of rehabilitation buildings, free sale buildings, and public amenities such as schools, hospitals, gardens, and playgrounds. It will serve as a blueprint for the entire project.

Adani Group described the slum cluster in its legal documents as — an area of "unhygienic, deplorable" conditions— and aims to demolish it and build new towers on state-owned land to accommodate residents as well as their businesses. Notably, Dharavi has an increasingly large recycling industry, processing recyclable waste from other parts of Mumbai. The area also exports goods to around the world.

As per consultancy firm Liases Foras estimates Adani may invest up to $12 billion on remaking Dharavi and in return get development rights that could yield revenue of up to $24 billion.

Formed in 1884 during the British colonial era, Dharavi has an active informal economy with a total annual turnover estimated at over US$1 billion in 2009, and perhaps grew more over the time, to this date.

SVR Srinivas, who heads the state-run Dharavi Redevelopment Authority, told Reuters in an interview in August that the state will appoint the chairman of the new 80:20 Adani Properties-state government JV, while the CEO will be from Adani Group.

According to Reuters report last month, not everyone living in Dharavi will get free houses but only those who already lived in Dharavi before 2000, mostly ground-floor residents, will get free homes within the redevelopment. About 7 lakhs inhabitants of mezzanine and upper floors are considered ineligible by the government and will be offered units up to 10 kilometers away, which they say could require them to pay upfront costs or higher rents.