Adani Enterprises shares jump over 3% on Dharavi project nod

economictimes.indiatimes.com:

Adani Enterprises rose over 3% to Rs 2,459 on the NSE in Monday's trade after the Maharashtra government gave nod for the Dharavi Redevelopment project to one of its group companies. The rub-off impact was seen on other Adani Group stocks as all 10 stocks were trading in the green, gaining up to 5%. Adani Ports and Special Economic Zone rose 1.63%, Adani Wilmar 2.38%, Adani Power 2.27%, Adani Transmission 2%, Adani Total Gas 2.19%, Adani Green 0.74%, ACC 1.41%, Ambuja Cements 0.29% and NDTV 5%.

The Maharashtra government formally awarded the 259-hectare Dharavi Redevelopment project to an Adani Group firm on Friday. The project, which reportedly has a revenue potential of Rs 20,000 crore, involves rebuilding the Dharavi slum sprawl in central Mumbai, located near the BKC business district, PTI reported. It was won by Adani Properties in November last year through competitive bidding which also saw realty major DLF and Naman Developers competing.

A government order released on Thursday by the Housing Development Department of the government of Maharashtra said that the state cabinet had approved the outcome of the bidding process on December 22, 2022, following which the rights are being awarded. Adani Properties will be the lead partner in the project for which a special-purpose vehicle will be formed. The bid is for the entire project, and the total timeline is seven years to rehabilitate 6.5 lakh slum dwellers who live in an area of more than 2.5 sq km, the PTI report said.