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Emaar in talks with Adani over $1bn sale of Indian business

By Chris Hamill-Stewart
Indian billionaire Gautam Adani Reuters
Indian billionaire Gautam Adani
  • Adani Group could buy in April
  • Gautam Adani is India’s 2nd richest man
  • Emaar shares up 3.5% YTD

Dubai real estate developer Emaar Properties is in talks with India’s Adani Group to sell its Indian business for $1.4 billion, according to reports.

The billionaire Adani family and Emaar are discussing the structure of a transaction, Bloomberg said, without identifying sources. An agreement could be reached as early as next month. 

Emaar India started operations in 2005.

Representatives of the Adani Group and Emaar did not immediately respond to requests for comment, Bloomberg reported.

Emaar said in January it was in discussions about a potential sale of a stake in Emaar India, without giving more details.

The purchase of Emaar India would expand the Adani Group’s real estate portfolio on the Indian sub-continent.

Gautam Adani, India’s second-richest man, was indicted in the US in 2024 in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. 

The case resulted in roughly $118 billion of value being wiped off the Adani Group’s various holdings.

On Thursday, shares in Emaar were trading at AED 13.3 ($3.62). They are up 3.5 percent so far this year.

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