Mumbai, Dec 29 (PTI) Dharavi Redevelopment Project Pvt Ltd (DRPPL), the Adani-backed company undertaking the ambitious plan of revamping Dharavi slums, is rebranding itself in line with the company's "promise of building a modern, inclusive and vibrant community", the firm said.

DRPPL will now be called Navbharat Mega Developers Pvt Ltd (NMDPL) in response to the holistic value proposition and renewal of its corporate vision, it said in a statement.

Also Read | Acharya Kishore Kunal Dies: Patna Mahavir Mandir Trust Secretary and Retired IPS Officer Passes Away From Cardiac Arrest.

"The name Navbharat Mega Developers is rooted in the company's commitment to growth, change and hope, and the rebranding exercise that has received the affirmation of its Board of Directors and the Ministry of Corporate Affairs," it said.

In Dharavi Redevelopment Project Pvt, Adani Group held an 80 per cent stake while the rest was with the state government. The shareholding in the rechristened firm will remain unchanged.

Also Read | Earthquake in Gujarat: Quake of 3.2 Magnitude on Richter Scale Rocks Kutch; No Casualties or Loss of Property Reported.

Adani plans to turn 620 acres of prime land, about three-quarters of the size of New York's Central Park, into a glitzy urban hub. About 1 million people live in rickety shanties with open sewers and shared toilets in the densely populated slums, close to Mumbai's international airport.

Eligible residents will be given flats free of up to 350 sq ft free of cost as part of the USD 3 billion redevelopment of rubbish-strewn Mumbai slum of Dharavi into a "world-class" district.

The change, the statement said, reflects the company's fresh outlook and obligation to create a broader and brighter future for everyone associated with or beneficiary of the gigantic and historic task of rehabilitating slums across the nation.

"The name Navbharat, which means 'New India', reflects the massive potential this project holds in shaping a better tomorrow. Mega highlights the sheer scale and impact of the work being undertaken, while Developers points to the role the company intends to play in building a thriving community," it said.

NMDPL is a special purpose vehicle between the Government of Maharashtra -- through the Dharavi Redevelopment Project (DRP)/Slum Rehabilitation Authority (SRA) -- and the Adani Group.

The change in name does not alter the government's role or the core purpose of the project.

"NMDPL remains steadfast in its commitment to executing the Dharavi redevelopment as envisioned, ensuring transparency, inclusivity and the welfare of all stakeholders," the statement said.

"The initiative is not just to change the name DRPPL but also to avoid being mistaken for the government authority in the same space, which is DRP (Dharavi Redevelopment Authority), the special planning authority of the Government of Maharashtra dealing with Dharavi's redevelopment."

The role of the Maharashtra government remains unchanged and DRP continues to be the supervising authority for the ambitious project.

"As India works towards its ambitious goal of becoming slum-free, Dharavi's redevelopment is a crucial step in that direction. With this new name, NMDPL is reaffirming its pledge to the national cause," the statement added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)