Business News / Adani's jackpot of about Rs 30 thousand crores hit - will rejuvenate Bandra with Dharavi

Zoom News : Feb 17, 2024, 04:20 PM
Business News: Gautam Adani's days are going very well. First getting the Dharavi project and then getting a clean chit from the Hindenburg Research Report has been a very profitable deal for the Adani Group. Now Adani has hit the jackpot of Rs 30 thousand crores. According to a Free Press Journal report, Adani Realty has won the contract for the 24-acre Bandra Reclamation Land parcel held by the Maharashtra State Road Transport Corporation (MSRDC). Final approval is pending. A decision on this will be taken by the MSRDC Board in its upcoming meeting.

Adani Realty has made the highest bid and has promised to give 22.79 percent revenue to MSRDC. According to the report, the company has left behind Larsen & Toubro's bid of 18 percent. The report said that this decision is also surprising because L&T has a strong net worth of about Rs 84,000 crore compared to Adani's Rs 48,000 crore. According to Hindustan Times report, the potential development area of the land parcel is 45 lakh square feet and its value is approximately Rs 30,000 crore.

What does MSRDC have to say?

According to Anil Kumar Gaikwad, Vice President and MD of MSRDC, this decision was based on the revenue sharing model. Gaikwad also refuted allegations that the bid process favors specific developers. He stressed on an open and transparent process to search for economically and technically strong players. Both Adani Realty and L&T have qualified the technical and financial capability rounds. Gaikwad said that MSRDC bids are based on revenue-sharing model, hence the developer who gives the highest revenue will be beneficial for the government. Adani has offered us the highest revenue. Gaikwad said, we need resources and money for our new and ongoing infra projects.

Adani Realty will give 8 thousand crores

If Adani's offer is passed in the board, then MSRDC will get a minimum of Rs 8,000 crore from the company under the revenue sharing model. Gaikwad said in the media report that Rs 8,000 crore is the benchmark amount. If the revenue is more then they will have to pay it with us at the rate of 22.79 percent. However, 18 companies had participated in this project. Apart from Adani Realty and L&T, Godrej Properties, JSW, K. Raheja Corp, Lodha, Mahindra Lifespace, Oberoi Realty, Phoenix Realty, Runwal, Sahana Group, Satva, Sunteck Realty, Sumitomo, However, Wadhwa Group and Welspun etc. are included.