Dubai-listed Emaar Properties has formally ruled out selling any stake in Emaar India and is instead evaluating a joint venture with large Indian real estate firms, including the Adani Group.
Earlier this year, Emaar was reported to be in talks with multiple groups in India, including Adani Realty, over a potential stake sale in its Indian subsidiary.
Emaar issued a clarification on the Dubai Financial Market, its listing exchange, noting that it is “no longer considering the sale of any stake in its Indian entity.” It also said the company is “considering a joint venture with other large real estate companies/groups in India, including Adani Group.”
Earlier negotiations between Emaar and Adani over the potential acquisition of Emaar India broke down over valuation differences in a proposed $1.4 billion deal.
Emaar India has been operating since 2005 and holds residential and commercial assets in cities such as Gurugram, Mohali, Lucknow, Jaipur and Indore.
