Dubai's Emaar Affirms Stake Sale Talks with Adani Group for Indian Operations

Emaar Properties, Dubai's top real estate developer, revealed on Thursday that it is in negotiations with several Indian corporations, including the Adani Group, over a possible stake sale in its Indian subsidiary. In a filing to the Dubai Stock Exchange, the business stated that conversations are still in the early stages, with the value and deal conditions yet to be finalized.

This statement came after it was claimed that Emaar and the Adani Group were in advanced talks to spend Rs 40-50 billion for a majority share in Emaar India. Because "most of Emaar's projects are in prime locations, which promises superior valuations," a source told the news outlet, the acquisition was promising.

It was previously reported in September 2024 that Emaar Properties and Adani Realty, the real estate division of Indian billionaire Gautam Adani's business empire, were negotiating a share in Emaar's Indian operations.

In 2005, Emaar made its first foray into the Indian real estate market by investing Rs 85 billion in a joint venture with MGF Development of India. Regulators formally approved the demerger in 2018, but the collaboration ended in 2016.

If the deal goes through, it will be Adani's largest investment in the real estate sector to date. This comes despite continuous examination of Adani Group, with the billionaire owner facing charges in the United States with several others.

Emaar Properties, however, reported strong financial results, with first-quarter 2024 revenues jumping 30% to AED 23.8 billion.