Billionaire Gautam Adani is in advanced discussions to acquire the India unit of Dubai-based developer Emaar Group in a deal potentially valued at $1.4 billion, according to a Bloomberg report published by Hindustan Times.
The transaction could involve an unlisted Adani entity infusing approximately $400 million in equity. An agreement could be reached as soon as April, though there is no guarantee the deal will proceed as talks are still ongoing, the report stated.
This development follows Emaar’s announcement in January that it was in discussions with various business groups in India, including the Adani Group, regarding a potential stake sale in Emaar India Ltd.
Adani, India’s second-richest person, is expanding into real estate. Earlier this month, the Adani Group emerged as the top bidder for a major redevelopment project in Mumbai, estimated to be worth ₹36,000 crore ($4.3 billion).
The conglomerate is also leading the redevelopment of Mumbai’s Dharavi slum, one of the largest slums in the world and the backdrop for the Hollywood film Slumdog Millionaire.
If the deal with Emaar goes through, it would significantly enhance Adani’s real estate holdings in India, which currently include 24 million square feet of completed properties and another 61 million square feet under development, according to the company’s website.
Emaar India’s ongoing projects include residential and commercial developments in locations such as New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan, the report noted.