Gautam Adani's plan to transform Mumbai's Dharavi raises doubts and allegations: Report

livemint.com:

Reuters, certain inhabitants of Dharavi mentioned that the billionaire's financial difficulties have added to their apprehensions. Adani's redevelopment plans face a new challenge in the form of a legal dispute presented by competitor SecLink Technologies Corporation.

This Dubai-based consortium, claiming support from Bahrain's royal family, asserts that Maharashtra acted improperly by annulling an original tender from 2018, in which SecLink submitted the highest bid. Subsequently, the state restarted the tender process with revised terms in 2022, allegedly favouring Adani's victory.

These claims are outlined in court documents reviewed by Reuters. The present state administration, under the leadership of Prime Minister Modi's Bharatiya Janata Party (BJP) and its partners, is actively opposing this legal dispute.

Just recently, a Mumbai court granted approval for SecLink to include Adani in its legal proceedings, thereby requiring the conglomerate to justify its position before the judges. In a comprehensive 809-page submission made last month, as reported by Reuters for the first time, the consortium consisting of eight members contended that Maharashtra's altered bidding procedure was driven by political motives and was specifically designed to align with the interests of Adani Group.

As per SecLink's claims, the modifications encompassed raising the stipulated net worth for bidders to $2.4 billion and limiting consortium members to a maximum of two, a reduction from the previous allowance of eight. In a submission made privately to the judges ahead of an August 31 court session, Adani refuted SecLink's accusations and contended that the case should be dismissed in consideration of promoting developmental objectives.