Dubai’s Emaar reported a 30% jump in annual revenues for the first three quarters of 2024 to AED23.8bn
Emaar Properties Confirms Ongoing Talks with Adani Group for Potential Stake Sale in Emaar India
Emaar Properties, Dubai’s leading real estate developer, has confirmed that it is in discussions with various companies in India, including the Adani Group, regarding the possible sale of a stake in its Indian subsidiary.
The developer clarified in a filing to the Dubai bourse on Thursday that the valuation and other details of the potential deal have yet to be finalized.
This clarification follows a report by Mint, an Indian financial daily, which revealed that advanced talks are underway between Adani Group and Emaar for the acquisition of a majority stake in Emaar India, valued at between INR40-50 billion ($462 million-$578 million).
A source quoted in the report noted, “The majority of Emaar’s projects are located in prime areas, which promise high valuations.”
In September 2024, India’s Business Today magazine also reported that Adani Realty, a subsidiary of Indian billionaire Gautam Adani’s conglomerate, had entered discussions with Emaar Properties about purchasing a stake in the Dubai-based developer’s Indian operations.
Emaar first entered the Indian real estate market in 2005 by forming a joint venture with MGF Development in India, making an initial investment of INR85 billion ($1 billion). However, this partnership ended in April 2016 after a demerger, which was approved by regulators in 2018.
If the deal proceeds, it would mark Adani Group’s most significant move in the Indian real estate sector, despite the legal challenges facing its billionaire owner, Gautam Adani, and seven others in the United States.
In November 2024, Emaar reported a strong 30 percent year-on-year increase in revenues, reaching AED23.8 billion ($6.5 billion) for the first three quarters of the year. A major driver of this growth was a 60 percent surge in real estate sales, which climbed to AED50 billion between January and September
