Adani in talks with Emaar Group to acquire $1.4 billion India real estate unit: Report

Billionaire Gautam Adani is currently in advanced negotiations to pay up to $1.4 billion for the India division of Dubai-based developer Emaar Group. According to a Bloomberg story, the deal might involve an unlisted Adani company contributing roughly $400 million in equity. According to the source, an agreement on this might be reached as early as April, but as negotiations are still ongoing, there is no assurance that the arrangement will be finalized.

This development follows Emaar's announcement in January that it was in discussions to sell a stake in Emaar India Ltd. to a few Indian corporate firms, including the Adani Group. The top bidder for the redevelopment of one of Mumbai's biggest housing projects, estimated to be worth ₹36,000 crore, was the Adani Group's real estate division this month.

In addition, Adani is renovating the Dharavi slum in Mumbai, which is among the largest slums globally and was used as the setting for the Hollywood film Slumdog Millionaire. His real estate portfolio in India, which currently consists of 24 million square feet of property and an additional 61 million under development, according to its website, might grow if this sale closes. In addition, Gautam Adani is the second-richest person in India. intends to enter the real estate market.