Adani Navbharat Developers Takes the Helm of Dharavi Redevelopment SPV

On 16 July 2026 the company that was earlier known as Navbharat Mega Developers Private Limited officially changed its name to Adani Navbharat Developers Private Limited. The renaming was not a surprise – it simply reflects the Adani Group’s 80 % stake in the venture, while the Maharashtra government continues to hold the remaining 20 %.

Both the board of directors and the shareholders gave their nod, and the Ministry of Corporate Affairs in New Delhi filed the necessary paperwork. In short, the corporate paperwork is settled and the SPV will now operate under its new banner, but everything else – the ownership split, the governance structure and the way the project is being run – stays exactly the same.

The SPV is the engine behind the Dharavi Redevelopment Project (DRP), a gigantic slum‑rehabilitation effort overseen by the Maharashtra Slum Rehabilitation Authority. The plan aims to re‑house roughly 72,000 families and commercial tenants, at an eye‑watering cost that tops Rs 95,790 crore. It’s a classic public‑private partnership: the state retains key powers such as beneficiary selection and overall project supervision, while the private partner (now Adani Navbharat) brings in finance, design and execution capabilities.

Chief Minister Devendra Fadnavis, speaking in July 2026, said the first phase – about 10,000 homes – should be ready within the next 18 months. If that timeline holds, it would mark a significant early win for a project that has been under the public eye for years.

For the residents of Dharavi, the name on the paperwork may have changed, but the promise – a modern, safer living environment – remains unchanged. The real question now is whether the new‑named SPV can translate that promise into bricks and mortar on schedule.