Adani Group in talks to buy Emaar India for $1.4B
What's the story
Asia's second-richest person Gautam Adani is said to be in advanced talks to buy Dubai-based developer Emaar Group's Indian subsidiary.
The deal, worth $1.4 billion (nearly ₹12,000 crore), could give a major boost to the Adani family's real estate footprint in India.
The two sides are negotiating terms of a transaction where an unlisted Adani entity may invest around $400 million (about ₹3,300 crore) as equity.
Stake sale
Emaar Group's stake sale talks
In January, Emaar Group had confirmed it was in talks with various Indian players, including the Adani family, for a possible stake sale in Emaar India Ltd.
The purchase of Emaar's Indian subsidiary would greatly expand Adani's real estate portfolio, which currently includes 24 million square feet of developed property and another 61 million square feet under development.
Recent projects
Adani Group's recent real estate ventures
Adani Realty, the real estate arm of the Adani Group, has been making major moves in Mumbai's housing sector.
It recently emerged as the highest bidder for redeveloping one of Mumbai's largest housing projects at an estimated cost of ₹36,000 crore. The group is also leading a major redevelopment project in Dharavi slum.
Emaar India is engaged in developing residential and commercial projects in several Indian states such as New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan.