UAE firm with huge funds to take up Dharavi revamp project
The ambitious Dharavi Revamp project, envisaged 15 years ago and which aims to turn India’s largest slum into a plush township, will now be redeveloped by Seclink Technology Corporation (STC) and be funded by the Royal family of the United Arab Emirates (UAE).
The STC is a Special Purpose Vehicle (SPV), which will get Rs 28,500 crore in funds to revamp 600 acres. There are indications that the bhoomipujan of this project will take place by next month if everything proceeds according to plan.
The Seclink Group was founded in 2017 and is based in UAE. The Dharavi revamp is one of the biggest urban renewal projects being executed by STC.
The STC comprises four individuals, two Indians and two of Indian origin, who will be planning and executing the project—Nilang Shah, Rajesh Ramchandran, JigneshSanghvi and Hiten Shah.