Adani Group is in advance talks with Dubai-based developer Emaar Group to acquire a majority stake in its Indian business for ₹4000 to ₹5000 crore, Mint quoted two people aware of the matter as saying.
The deal “will be for a 70-100% ownership acquisition in Emaar India. Most of the projects (of Emaar) are at prime locations, which promise superior valuations,” Mint quoted one of the two people as saying.
The Mint report said that Adani Realty, an unlisted company, is likely to make the acquisition.
They were quoted as saying that the “valuation of the deal is yet to be finalised, but it should be around ₹5000 crore. A lot will depend on negotiations on the final terms,” the person said on condition of anonymity.
The report said that if the deal goes through, it will be Adani’s largest real estate purchase ever.
The Mint report said that the acquisition will be funded privately through Adani’s family wealth and not from the books of any of its listed firms.
Emaar India is promoted by Dubai-based Emaar Properties PJSC, which built and owned the Burj Khalifa.
An Emaar India spokesperson told Mint “As a policy, we do not respond to rumours or market speculation. We decline to comment.” Queries emailed to Adani Group remained unanswered.
Emaar India has several projects across Delhi-NCR, Mohali, Lucknow, Indore and Jaipur.
Other real estate projects by Adani Realty
Adani Realty is also involved in other projects, including the Dharavi slum redevelopment and luxury developments in Mumbai.
Dharavi, which is spread over 600 acres and counts among Asia’s largest slum clusters, is being redeveloped by Dharavi Redevelopment Project Private Limited (DRPPL), a special purpose vehicle wherein the Adani Group holds 80% stake and the balance is held by the state government. Only those Dharavi residents who owned tenements on the ground floor before January 1, 2000, would be deemed eligible for rehabilitation within Dharavi, while ineligible residents would be housed elsewhere in the city, the government had declared earlier.
In December 2024, the Adani Group renamed Dharavi Redevelopment Project Private Limited (DRPPL) – the special purpose vehicle for redeveloping one of Asia’s largest slums – to Navbharat Mega Developers Private Limited (NMDPL.
The Mint reported earlier that the company plans to acquire the real estate assets of the embattled Jaypee Group and is keen to expand to other parts of the country.
