Emaar Properties, the leading real estate developer in Dubai, announced on Thursday that it is in talks with multiple Indian companies, including the Adani Group, about a potential stake sale in its Indian subsidiary. In a filing to the Dubai stock exchange, the company mentioned that discussions are at an early stage, with the valuation and deal terms yet to be finalised.
This announcement came after a report by Mint revealed that Emaar and Adani Group were in advanced talks about acquiring a majority stake in Emaar India for Rs 40-50 billion. A source told the news outlet that the deal was promising because “most of Emaar’s projects are at prime locations, which promises superior valuations.”
Earlier, in September 2024, Business Today reported that Adani Realty, the real estate arm of Indian billionaire Gautam Adani’s business empire, was negotiating with Emaar Properties for a stake in its Indian operations.
Emaar first entered the Indian real estate market in 2005 through a joint venture with India’s MGF Development, investing Rs 85 billion. However, the partnership ended in 2016, and a demerger was officially approved by regulators in 2018.
If the deal goes through, it would be a significant move for Adani, marking its largest investment in the real estate sector to date. This comes despite ongoing scrutiny of Adani Group, with the billionaire owner facing charges in the US along with several others.
Meanwhile, Emaar Properties has reported a strong financial performance, with a 30 per cent rise in revenues for the first three quarters of 2024, reaching AED 23.8 billion. A significant contributor to this growth was a 60 per cent increase in real estate sales, which reached AED 50 billion from January to September 2024.
