Adani eyes Emaar India stake for up to ₹5,000 cr

Deal may be routed via Adani Realty; Adani to use family wealth to fund deal

- Anirudh Laskar

MUMBAI: Adani Group is in advanced talks with Dubai-based developer Emaar Group to acquire a majority stake in its Indian business for ₹4,000-5,000 crore, two people aware of the matter said.

"It (the deal) will be for 70-100% ownership acquisition in Emaar India. Most of the projects (of Emaar) are at prime locations, which promise superior valuations," one of the two people said, adding the acquisition is likely to be done by Adani Realty, an unlisted company.

"The valuation for the deal is yet to be finalised, but it should be at least around ₹5,000 crore. A lot will depend on negotiations on the final terms," the person said on the condition of anonymity.

If the deal goes through, it will be Adani's largest purchase in real estate, where it has made several acquisitions in the last few years.