Billionaire Gautam Adani’s conglomerate is negotiating to purchase Emaar India’s operations from Dubai-based Emaar Properties. The deal is valued at approximately $1.4 billion, Bloomberg reported on Thursday.
The transaction may involve an unlisted Adani entity investing about $400 million in equity. An agreement could be reached as early as April, though discussions are ongoing and not finalised.
In January, Emaar Properties confirmed it was in talks with several Indian groups, including the Adani Group, regarding a potential stake sale in Emaar India.
Emaar India has a portfolio of residential and commercial properties across cities such as Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur.
Adani Realty, the real estate arm of the Adani Group, has developed 24 million square feet of property and has another 61 million square feet under development.
The acquisition of Emaar India would significantly enhance Adani Group’s competitive position in the Indian real estate market.
Emaar Properties, listed on the Dubai Financial Market, is known for iconic projects like the Burj Khalifa and Dubai Mall.
Both Adani Group and Emaar India have declined to comment on the ongoing negotiations.
