Adani Group Company Takes Over Andheri Slum Rehabilitation Project
A jinxed Rs 5,000 crore slum rehabilitation project on RTO land in Andheri (west) has been taken over by an Adani Group company, Portsmount Buildcon. The firm has taken a majority stake and will jointly develop the over 11 lakh sq ft sale component of the project with developer Shiv Infra Vision, which had bagged the work in 2018. Residents of three slum pockets—Anna Nagar, Vitthal-Rakhumai and Kasam Nagar—measuring over six acres, had appointed Shiv Infra to rehabilitate them after allegations of irregularities and nepotism involving the then NCP PWD minister Chhagan Bhujbal derailed the project.
Adani firm to get 76% revenue from RTO land project. Adani Group Company Portsmount Buildcon has paid developer Shiv Infra Vision Rs 444 crore and another Rs 100 crore as a security deposit, says the joint development agreement for the slum rehabilitation project on RTO land in Andheri (west). The company, whose registered address is Adani Corporate House in Ahmedabad, will be entitled to 76% of the revenue accruing from the project. The deal with Shiv Infra was signed by Parag Adani, who spearheads Adani Realty, and Jackbastian Nazareth, MD of Adani Realty.
Tags : Adani Group Company Andheri Slum Rehabilitation Project Adani Group Company Portsmount Buildcon