Rs 20,000 crore global tender floated for Dharavi slum redevelopment
The state government of Maharashtra government has floated a global tender for the redevelopment of Asia's biggest slum Dharavi. Located in the heart of the country's commercial capital Mumbai, the slum is spread over 240 hectares. The project is estimated to cost Rs 20,000 crores. As per information from the state government, the slum redevelopment project would be undertaken by a joint venture in which the selected developer is expected to hold 80 percent equity, estimated to be Rs 400 crore while the state government will hold 20 percent with Rs 100 crore equity capital.
Apart from the equity of Rs 400 crore, any investment required for the project shall be brought by the lead partner in the form of instruments such as Compulsorily Convertible Debentures and/or Compulsorily Convertible Preference.
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