Adani infrastructure, the construction arm of Gautam Adani’s group of companies, had been accorded the bid for the redevelopment of Dharavi, Asia’s largest slum, in November last year despite the fact that Seclink Technology Corporation (STC), a UAE-based firm, had far outbid Adani Infrastructure and Developers Private Limited. STC offered Rs 7,200 crore against Adani Infrastructure’s Rs 4,539 crore bid.
Reports published by Hindenburg two months later on January 24 this year, claimed that key listed Adani companies had taken on substantial debt, putting the entire group on a precarious financial footing. As the report triggered a crash in Adani stocks, the group scrambled to cut its debts and win back the confidence of investors.
Following this report, Maharashtra Congress MLA Varsha Gaikwad, whose constituency includes Dharavi, raised concerns about the project in the wake of allegations of stock manipulation against the Adani group in the report of Hindenburg.
Replying to Gaikawad, Deputy CM Devendra Fadnavis has now said there was no need to speculate about the project and the government would ensure it was completed. He told the Assembly that whatever the situation, the government will ensure that hindrances do not come in the way and the project is completed. “There is no need to speculate about the project. The Letter of Intent will be awarded only if tender conditions are completed. The government does not look at the person but it looks at whether the rules are fulfilled,” he added.