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Adani in talks to buy stake in Emaar’s Indian subsidiary

By Pramod Kumar
A view of Emaar India's Gurgaon Greens project in Haryana. Adani Realty and Emaar executives are holding talks in Dubai Emaar India
A view of Emaar India's Gurgaon Greens project in Haryana. Adani Realty and Emaar executives are holding talks in Dubai

Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said.

Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources.

The talks are in the early stages, the sources said.

Emaar India aims to invest almost $1 billion over the next four to five years, CEO Kalyan Chakrabarti told Hindustan Times, an Indian news daily, in February.

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.

In August, Adani Ports agreed to buy an 80 percent stake in Dubai-based Astro Shipping Co for $185 million .

Gautam Adani was considering opening a family office in Dubai or New York to manage his wealth, Bloomberg reported in November 2022.

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