Leading record label Universal music and Qyuki, which has been co-founded by AR Rahman, Shekhar along with entrepreneur Samir Bangara announced The Dharavi Project.
The main focus of the project is to discover fresh talent from Dharavi, nurture it through the programme and showcase it on a domestic and international scale via digital and traditional media.
"I have been auditioning for a long time now. Today I was blown over by their performances. They were wonderful. I feel it does not matter where you come from it is all about having the fire in you. What they did today was moving and emotional.
I think it could go on to become something very interesting," AR Rahman told PTI over phone from Mumbai.
The 48-year-old composer has also not ruled out making a music piece with the Dharavi talents.
"Instinctively there could be an interesting song with the talents and who knows may be this year or next year something might come up," he said.
Shekhar had earlier spotted a Dharavi based hip hop group Slum Gods, who performed at the event. The director said the music and dance is a great medium to give hope to people.
"The Dharavi Project is a dream project and this is something which we want to take across India and across the globe. The idea of music and dance is giving hope to people. You can give new life to people. These kids will be going places," Shekhar, who got tearful, while watching the performances.
Echoing the feelings of AR Rahman and Shekhar, co-founder Mr Bangara said that they are planning to take this project to bigger levels in the years to come. "We have been working on it for the last one year. We had set up a small studio facility in the heart of Dharavi to get talent from there. There were different groups from the age five to 21. Seeing them perform today was great. We want to take it to the next level. We want to find the next big talent and give them equal opportunity," he said.