Gautam Adani, the multibillionaire business magnate, wants to acquire a share in Emaar India, a significant player in the real estate market. According to sources who spoke with Business Today, senior management officials from Adani Realty, located in Ahmedabad, are now in discussions with Emaar leadership to develop a proposal that would entail the Indian business owning a portion of the realtor.
The reports claim that senior Adani Realty officials are meeting with Emaar management in Dubai. A person with knowledge of the developments told BT, “Talks have been initiated and executives from Adani Realty and Emaar group are discussing a possible transaction, which would involve Emaar selling a part of its ownership in Emaar India to the Adani group.”
Emaar Group, a renowned real estate developer with its headquarters located in Dubai, United Arab Emirates, owns Emaar India. Adani Realty, which began operations about a decade ago, is, incidentally, well-established in the arid metropolis. Although its segmented revenues are not disclosed, insider information indicates that a significant portion of its operations is in the Dubai real estate sector.
The business has recently entered the Delhi-NCR area, which is India’s second-largest real estate market, and the forthcoming Dharavi redevelopment project is really one of its first large-scale projects in the country. Adani Group emails, as well as calls and messages to the senior management of Emaar India, went unanswered.
The specifics of a potential deal are still being explored and are not final. According to sources, the share sale plan is being worked out and the two parties are presently in the early phases of their negotiations. Another insider stated, “There is no certainty on the amount of stake to be picked up [by the Adani Group] as many details are yet to be finalised.”
Emaar India, a major force in the nation’s residential and commercial real estate markets, is based in Gurgaon. The CEO of Emaar India, Kalyan Chakrabarti, has previously announced plans to begin 8–10 million square feet of real estate projects this year, with an estimated investment of almost $1 billion (about Rs. 8,400 crores at the current exchange rate) through 2029. He stated that eighty per cent of the new developments will be in Gurgaon during a recent media interview. The organisation is now present in Gurgaon, Jaipur, Lucknow, Mohali, and Indore, among other five areas.
Emaar India Ltd. reported a 31.4% decrease in operational revenue to Rs 1,670 crore in FY2023 according to its annual report. Its operational revenue for the prior year was Rs 2,434 crore. As its profit margin became red. It reported a net loss of Rs 118.7 crore in FY2023, down from a net profit of Rs 189 crore in FY2022.
