Real Estate Dubai’s Emaar confirms talks to sell stake in Indian unit By Pramod Kumar January 17, 2025, 10:12 AM Wam Dubai's Emaar reported a 30% jump in annual revenues for the first three quarters of 2024 to AED23.8bn Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an Indian financial daily, disclosing advanced talks with Adani Group and Emaar on acquiring a majority stake in Emaar India for INR40-50 billion ($462 million-$578 million). “Most of the projects (of Emaar) are at prime locations, which promises superior valuations,” a source told the Indian financial daily. In September 2024, India’s Business Today magazine reported that Adani Realty, owned by Indian billionaire Gautam Adani, was discussing with Emaar Properties about buying a stake in Emaar’s Indian subsidiary. The Dubai developer entered the Indian real estate market in 2005 through a joint venture with India’s MGF Development by investing INR85 billion ($1 billion). However, the partnership ended in April 2016 after a demerger, which received regulatory approval in 2018. Emaar hikes dividend distribution for 2024 Dubai’s bellwether Emaar to report Q3 profit rise Dubai’s Emaar unveils $26bn projects as market rebounds The deal, if materialised, would be Adani’s biggest move in the real estate sector, the report said, and comes despite an indictment against its billionaire owner and seven others in the US. In November 2024 Emaar reported a 30 percent jump in revenues year on year for the first three quarters of 2024 to AED23.8 billion ($6.5 billion). A 60 percent increase in real estate sales to AED50 billion from January to September drove much of that growth.