Dharavi Redevelopment Project Pvt Ltd (DRPPL), the Adani-backed company spearheading the ambitious plan to transform the Dharavi slum, has rebranded to better reflect its vision of building a modern, inclusive and vibrant community.
The company will now operate under the name Navbharat Mega Developers Pvt Ltd (NMDPL), which will align with its broader corporate objectives and new commitment, it said in a statement on 29 December. The change is part of the company's effort to embody a more holistic approach. A vision endorsed by both the Board of Directors for Urban Redevelopment and the Ministry of Corporate Affairs. added
“The renaming of DRPPL as NMDPL is aimed at distinguishing it from the Maharashtra government's Dharavi Redevelopment Authority (DRP), the official planning body overseeing the redevelopment.
The name Navbharat, which means “New India”, reflects the immense potential of this project to shape a better tomorrow. Highlighting the sheer scale and impact of the work Mega is doing, the developers point to the role the company intends to play in building a thriving community.
The rebranding is being done by the Adani Group, with the state government owning 80 per cent stake in the former entity. The shareholding of the newly named company will remain unchanged.
Adani plans to redevelop 620 acres of prime land in Dharavi, about three-quarters the size of New York's Central Park. Currently, about 1 million people live in overcrowded slums with poor sanitation near Mumbai's international airport. As part of the $3 billion redevelopment project, eligible residents will be offered free apartments of up to 350 square feet.
The renaming reflects the company's forward-looking vision and commitment to create a better future for all involved in or benefiting from the massive task of slum rehabilitation across the country.
NMDPL exists as a special purpose vehicle set up between the Government of Maharashtra – through the Dharavi Redevelopment Project (DRP) and the Slum Rehabilitation Authority (SRA) – and the Adani Group. The renaming does not change the role of the government or the basic objectives of the project.
The role of the Government of Maharashtra as the monitoring authority remains unchanged and the DRP oversees the redevelopment project. As India strives to become slum-free, the redevelopment of Dharavi is a major milestone, and NMDPL's new name reaffirms its commitment to this national cause, the company said.
(With inputs from PTI)