Adani Group Incorporates New Company for RE Projects and Renames Dharavi Redevelopment Project

The Adani Group has incorporated a new subsidiary called Adani Green Energy Sixty Eight Limited to focus on renewable energy projects. This move is part of their broader strategy to achieve a 50 GW renewable energy capacity by 2030.

Additionally, they have renamed the Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). The name change is intended to reflect the company's commitment to building a modern, inclusive, and vibrant community[ However, this decision has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents.

Here are the details on the two news pieces mentioned above:

1. Adani Group's New Company for Renewable Energy Projects

The formation of a new subsidiary called Adani Green Energy Sixty Eight Limited (AGE68L) will focus on renewable energy generation using wind, solar, and other renewable sources. AGEL aims to achieve a 50 GW renewable energy capacity by 2030. The subsidiary is registered in Gujarat and is part of Adani's broader strategy to enable the clean energy transition.

Here are some key details about AGE68L:

• Objective: The main objective of AGE68L is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources.
• Capital: The authorised capital and paid-up capital of AGE68L is kept at ₹1,00,000.
• Registration: AGE68L is incorporated in India and registered with the Registrar of Companies in Gujarat, at Ahmedabad.
• Operations: AGE68L is yet to commence its business operations.
• Parent Company: Adani Renewable Energy Holding Nine Limited holds 100% share capital of AGE68L.

AGEL, the parent company, is a major renewable energy company in India, developing, owning, and operating utility-scale, grid-connected solar, wind, and hybrid renewable power plants. AGEL is currently developing a massive 30 GW renewable energy plant at Khavda in Gujarat, which is expected to set a global benchmark for ultra-large-scale renewable energy plants.

2. Renaming of Dharavi Redevelopment Project Private Limited (DRPPL)

The Adani Group has renamed Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). This change is part of the company's effort to build a modern, inclusive, and vibrant community.

However, the renaming has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents. They are concerned about potential negative impacts on the residents.

Here are some key details about Navbharat Mega Developers Private Limited (NMDPL):

• Purpose: NMDPL is a special purpose vehicle (SPV) formed as a joint venture between the Government of Maharashtra and the Adani Group.
• Objective: The primary goal is to redevelop Dharavi, one of Asia's largest slums, into a modern, inclusive, and vibrant community.
• Name Change: The name change aims to avoid confusion with the Dharavi Redevelopment Project (DRP), which is the special planning authority of the state government.
• Government Role: The role of the Maharashtra Government remains unchanged, and DRP continues to be the supervising authority for the project.
• Commitment: NMDPL is committed to creating a broader and brighter future for everyone associated with or benefiting from the project.
• Housing: The state government has decided to provide free housing to eligible Dharavi residents and affordable housing to ineligible residents under the Pradhan Mantri Awas Yojana or through a hire-purchase scheme.

The name "Navbharat" means "New India," reflecting the project's potential to shape a better future. The initiative aims to ensure transparency, inclusivity, and the welfare of all stakeholders.

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.

Dharavi Slums-Made Products To Go National Via Snapdeal

Snapdeal customers will now have direct access to the goods of local, skilled artisans and craftsmen from all over India. The ecommerce giant recently launched products manufactured by Dharavi slum area on its website, notably, it is one of the largest slums in the world. Snapdeal has entered into a partnership with DharaviMarket.com in order to provide a nationwide platform to small and medium businesses and local artisans of Dharavi.

According to information available on its website, DharaviMarket.com is a profit initiative which aims to make the skills of the squatter settlement more accessible to the middle/upper classes while providing the local, skilled artisans and craftsmen direct access to global and local markets. Dharavi aims to provide good quality, world class products at reasonable prices as the customer buys directly from the manufactures, eliminating the middle men and their costs. This way the craftsmen get the true cost of their craft, sweat and labor.

Snapdeal’s this partnership with Dharavi is in line with its mission to create one million successful entrepreneurs within a period of next three years and enable thousands of small businesses and artisans to sell their goods nationally while supplying locally.

An exclusive store called ‘Dharavi-Snapdeal store’ has been created on Snapdeal’s website as a part of this initiative. The ecommerce giant will provide complete assistance on online cataloguing of products. It will also make use of its analytics based market insights to refine the product offerings on ‘Dharavi-Snapdeal store’.

This partnership with Snapdeal will help Dharavi scale up its business. It will also help all the artisans/craftsmen under DharaviMarket.com to showcase their talent and products on a national platform by listing them on Snapdeal.com.

Speaking to The Financial Express about the partnership, Amit Maheshwari, Vice President – Fashion, Snapdeal.com said, “At Snapdeal.com, we are constantly exploring innovative ways of promoting entrepreneurship and digitally enabling small-and-medium-sized businesses. Partnering with DharaviMarket.com is a Snapdeal endeavour aimed at empowering local artisans by providing a platform to promote and sell their indigenous products to a nationwide audience through a sustainable model.

The Dharavi-Snapdeal store currently has some three hundred products listed on the website. The store offers a wide variety of products from men’s clothing, fashion accessories and luggage.

Dharavi Slums-Made Products To Go National Via Snapdeal

Snapdeal customers will now have direct access to the goods of local, skilled artisans and craftsmen from all over India. The ecommerce giant recently launched products manufactured by Dharavi slum area on its website, notably, it is one of the largest slums in the world. Snapdeal has entered into a partnership with DharaviMarket.com in order to provide a nationwide platform to small and medium businesses and local artisans of Dharavi.

According to information available on its website, DharaviMarket.com is a profit initiative which aims to make the skills of the squatter settlement more accessible to the middle/upper classes while providing the local, skilled artisans and craftsmen direct access to global and local markets. Dharavi aims to provide good quality, world class products at reasonable prices as the customer buys directly from the manufactures, eliminating the middle men and their costs. This way the craftsmen get the true cost of their craft, sweat and labor.

Snapdeal’s this partnership with Dharavi is in line with its mission to create one million successful entrepreneurs within a period of next three years and enable thousands of small businesses and artisans to sell their goods nationally while supplying locally.

An exclusive store called ‘Dharavi-Snapdeal store’ has been created on Snapdeal’s website as a part of this initiative. The ecommerce giant will provide complete assistance on online cataloguing of products. It will also make use of its analytics based market insights to refine the product offerings on ‘Dharavi-Snapdeal store’.

This partnership with Snapdeal will help Dharavi scale up its business. It will also help all the artisans/craftsmen under DharaviMarket.com to showcase their talent and products on a national platform by listing them on Snapdeal.com.

Speaking to The Financial Express about the partnership, Amit Maheshwari, Vice President – Fashion, Snapdeal.com said, “At Snapdeal.com, we are constantly exploring innovative ways of promoting entrepreneurship and digitally enabling small-and-medium-sized businesses. Partnering with DharaviMarket.com is a Snapdeal endeavour aimed at empowering local artisans by providing a platform to promote and sell their indigenous products to a nationwide audience through a sustainable model.

The Dharavi-Snapdeal store currently has some three hundred products listed on the website. The store offers a wide variety of products from men’s clothing, fashion accessories and luggage.