Adani Realty wins bid for ₹30,000 crore Bandra Reclamation redevelopment contract in Mumbai
₹84,000 crore compared to Adani's ₹48,000 crore, Adani's higher bid secured the preference, it added. Also Read | Reddit signs content licensing deal with AI company ahead of IPO The land parcel has a potential development area of 45 lakh square feet and is valued at around ₹30,000 crore, as per a Hindustan Times report. According to Anil Kumar Gaikwad, the Vice Chairman and MD of MSRDC, the decision was based on a revenue-sharing model.
Adani's higher bid aligns with the government's interest in maximizing revenue for new and ongoing infrastructure projects. Gaikwad also refuted allegations that the bidding process favoured specific developers. He emphasised an open and transparent process, seeking financially and technically strong players.
Both Adani Realty and L&T qualified in technical and financial capability rounds. “Since the MSRDC bids are of a revenue-sharing model, the developer who offers the maximum percentage of revenue and is beneficial to the government will be the obvious choice. Adani has offered us a higher bid so he is our preferred choice.
We need resources and funds for our new and ongoing infra projects," said Gaikwad. Also Read | US considering more than $10 billion in subsidies for Intel “Technically both are strong and have met the stringent criteria and eligibility norms of the tender process. They both are capable of undertaking a project of this magnitude and scale and completing it on time.
But Adani is offering us more revenue," he added. If approved by the board, Adani Realty will be responsible for bringing funds, handling clearances and permissions, and paying a minimum of ₹8,000 crore to MSRDC as a benchmark amount. The revenue-sharing model stipulates a 22.79 percent share for MSRDC.
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