The project will include the rehabilitation of the 6.5 lakh residents of Dharavi, which is considered one of the largest slums in the world.

Adani Group emerged as the highest bidder for construction projects in Mumbai's Dharavi slum. SVR Srinivas, managing director of the Dharavi construction project, said billionaire Gautam Adani-led conglomerate has contributed Rs 5,069 crore for the project, while DLF Group said Rs 2,025 crore.

"There are three runners," Srinivas said. "However, only Adani and DLF qualified for the final round as the other runner-up, Naman Group, did not qualify." He added that his company will now approach the Maharashtra government to decide the next steps and form a special committee for the project.

The project will involve the rehabilitation of 6.5 lakh households currently living in an area of ​​2.5 square kilometers. It will include the reconstruction of houses and slums, as well as the development of infrastructure such as water and sewage in Dharavi, which is considered one of the largest slums in the world.

The Adani Group, along with the state government's Slum Upgrading Authority, will need to design a special vehicle to carry out the project. The project is expected to be completed in seven years, Srinivas said, according to PTI.

By October, eight companies, including those based in South Korea and the United Arab Emirates, had attended pre-signature meetings. However, only three of them - Adani Group, DLF and Mumbai-based property firm Naman Developers - have actually agreed for the project.

The government requires a total fund of at least 20,000 crore to select the winning bid and can verify the technical and financial qualifications before awarding the project to the highest bidder. The successful bidder is required to form a special purpose vehicle (SPV) for the execution of the project, and the government has set up a time-bound investment process.

The promoter must deal with renovations, renovations, developments and facilities. Mr. Adani already has branches in the country, which are already established or in the process of working in the financial capital, including one in the Ghatkopar area and another in Byculla, in Central Mumbai.