In a significant development on Monday, the Maharashtra government appointed Additional Chief Secretary Valsa Nair Singh as a non-executive director of Dharavi Redevelopment Project Private Limited (DRPPL), a joint venture between the state government and the Adani Group. SVR Srinivas, currently the Chief Executive Officer (CEO) of the Dharavi Redevelopment Project, has been appointed as the non-executive Chairman of DRPPL. The appointments were made through a Government Resolution (GR) issued by the Eknath Shinde government on Monday.
DRPPL is a joint company with the state government holding a 20% stake and the Adani Group holding an 80 per cent stake. The government has the authority to appoint the chairman and one director in the company, as per the tender document.
It is worth noting that in November 2022, Adani Properties Private Limited emerged as the highest bidder with a bid amount of Rs 5,069 crore for the redevelopment of Asia’s largest slum, Dharavi. The government had issued a Letter of Allotment (LOA) to the company in July 2023.
