Adani Realty is currently exploring the possibility of acquiring a stake in Emaar India, a prominent player in the real estate sector. The discussions are in their initial stages, and specifics regarding the stake sale are still being developed. Sources indicated that “There is no certainty on the amount of stake to be picked up [by the Adani Group] as a lot of details are yet to be finalised.”
Senior executives from Adani Realty have engaged with the leadership of Emaar to formulate a strategy that could lead to Adani acquiring part ownership in Emaar India. Meetings are taking place in Dubai to facilitate these discussions. A source familiar with the situation stated, “Talks have been initiated and Adani Realty and Emaar group executives are discussing a possible transaction, which would involve Emaar selling a part of its ownership in Emaar India to the Adani group.”
Emaar India is part of the Emaar Group, a leading global real estate developer based in Dubai, UAE.
Adani Realty, which launched around twelve years ago, has made a significant impact in the Dubai real estate market, although specific revenue figures remain undisclosed. The company has recently entered India’s second-largest real estate market, the Delhi-NCR region, and is undertaking the Dharavi redevelopment project, one of its major ventures in India.
Discussions about the transaction are ongoing, and no final decisions have been made yet. Sources reiterated the early phase of negotiations, emphasizing the uncertainty around the stake size.
Emaar India is a key player in both the commercial and residential real estate markets in India. Kalyan Chakrabarti, CEO of Emaar India, previously announced plans for substantial project launches in the coming years, aiming to invest approximately $1 billion by 2029. The company currently operates in five markets: Gurgaon, Jaipur, Lucknow, Mohali, and Indore. However, Emaar India reported a 31.4% decline in operating revenue for FY2023, dropping to ₹1,670 crore, compared to ₹2,434 crore in the previous year, and experienced a net loss of ₹118.7 crore.
