Dharavi Redevelopment Project Pvt Ltd (DRPPL), the Adani-backed company leading the ambitious plan to transform slums in Dharavi, has renamed itself to better reflect its vision of building a modern, inclusive and vibrant society.
The company will now operate under the name Navbharat Mega Developers Pvt Ltd (NMDPL), in line with its broader corporate goals and renewed commitment, it said in a statement on December 29. This change is part of the company’s efforts to embody a more comprehensive approach. She added that urban redevelopment is the vision approved by both the Board of Directors and the Ministry of Corporate Affairs.
“The renaming of DRPPL to NMDPL is aimed at distinguishing it from the Maharashtra government’s Dharavi Redevelopment Authority, which is the official planning body overseeing the redevelopment,” the statement explained.
The name Navbharat, which means “New India”, reflects the enormous potential that this project holds in shaping a better tomorrow. She added that Mega highlights the sheer volume of work being done and its impact, while the developers point to the role the company intends to play in building a thriving community.
The rebranding comes after the Adani group held an 80 percent stake in the previous entity, while the state government holds the remaining stake. The shareholding structure of the newly renamed company will remain unchanged.
Adani’s plan is to redevelop 620 acres of prime land in Dharavi, an area equivalent to about three-quarters the size of New York’s Central Park. About one million people currently live in overcrowded shacks with poor sanitation near Mumbai’s international airport. As part of the $3 billion redevelopment project, eligible residents will be provided with free apartments of up to 350 square feet.
The renaming reflects the company’s forward-looking vision and dedication to creating a better future for everyone involved in or benefiting from the massive task of slum rehabilitation across the country.
The NMDPL remains a special purpose vehicle formed between the Maharashtra government – 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 Maharashtra government as supervisory authority remains unchanged and the DRP continues to supervise the redevelopment project. As India strives to become slum-free, the redevelopment of Dharavi is a major milestone, and NMDPL’s new name underscores its commitment to this national cause, the company said.
(With inputs from PTI)
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