Adani Group Incorporates New Company for RE Projects and Renames Dharavi Redevelopment Project

The Adani Group has incorporated a new subsidiary called Adani Green Energy Sixty Eight Limited to focus on renewable energy projects. This move is part of their broader strategy to achieve a 50 GW renewable energy capacity by 2030.

Additionally, they have renamed the Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). The name change is intended to reflect the company's commitment to building a modern, inclusive, and vibrant community[ However, this decision has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents.

Here are the details on the two news pieces mentioned above:

1. Adani Group's New Company for Renewable Energy Projects

The formation of a new subsidiary called Adani Green Energy Sixty Eight Limited (AGE68L) will focus on renewable energy generation using wind, solar, and other renewable sources. AGEL aims to achieve a 50 GW renewable energy capacity by 2030. The subsidiary is registered in Gujarat and is part of Adani's broader strategy to enable the clean energy transition.

Here are some key details about AGE68L:

• Objective: The main objective of AGE68L is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources.
• Capital: The authorised capital and paid-up capital of AGE68L is kept at ₹1,00,000.
• Registration: AGE68L is incorporated in India and registered with the Registrar of Companies in Gujarat, at Ahmedabad.
• Operations: AGE68L is yet to commence its business operations.
• Parent Company: Adani Renewable Energy Holding Nine Limited holds 100% share capital of AGE68L.

AGEL, the parent company, is a major renewable energy company in India, developing, owning, and operating utility-scale, grid-connected solar, wind, and hybrid renewable power plants. AGEL is currently developing a massive 30 GW renewable energy plant at Khavda in Gujarat, which is expected to set a global benchmark for ultra-large-scale renewable energy plants.

2. Renaming of Dharavi Redevelopment Project Private Limited (DRPPL)

The Adani Group has renamed Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). This change is part of the company's effort to build a modern, inclusive, and vibrant community.

However, the renaming has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents. They are concerned about potential negative impacts on the residents.

Here are some key details about Navbharat Mega Developers Private Limited (NMDPL):

• Purpose: NMDPL is a special purpose vehicle (SPV) formed as a joint venture between the Government of Maharashtra and the Adani Group.
• Objective: The primary goal is to redevelop Dharavi, one of Asia's largest slums, into a modern, inclusive, and vibrant community.
• Name Change: The name change aims to avoid confusion with the Dharavi Redevelopment Project (DRP), which is the special planning authority of the state government.
• Government Role: The role of the Maharashtra Government remains unchanged, and DRP continues to be the supervising authority for the project.
• Commitment: NMDPL is committed to creating a broader and brighter future for everyone associated with or benefiting from the project.
• Housing: The state government has decided to provide free housing to eligible Dharavi residents and affordable housing to ineligible residents under the Pradhan Mantri Awas Yojana or through a hire-purchase scheme.

The name "Navbharat" means "New India," reflecting the project's potential to shape a better future. The initiative aims to ensure transparency, inclusivity, and the welfare of all stakeholders.

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