The Adani Group, led by billionaire Gautam Adani, is in advanced negotiations to acquire Emaar India, the Indian arm of Dubai-based Emaar Properties, at an enterprise value estimated between USD 1.4-1.5 billion, sources revealed. This potential deal signals Adani’s aggressive push to bolster its footprint in India’s thriving real estate sector, adding a significant portfolio to its growing property empire.

Emaar Properties entered India in 2005 through a joint venture with MGF Development, investing Rs 8,500 crore in Emaar MGF Land. The partnership dissolved in 2016 via a demerger, leaving Emaar India with a robust presence in cities like Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur, spanning residential and commercial developments. Sources indicate that while Emaar is open to selling a stake, the exact shareholding to be offloaded remains undecided, with talks progressing swiftly toward a possible agreement by April.

Neither Adani Group nor Emaar India commented on the development. However, Emaar Properties confirmed in January that it was engaging with multiple Indian entities, including Adani, for a potential stake sale in Emaar India, noting that valuation and terms are yet to be finalized. The deal could see an unlisted Adani entity, likely Adani Realty, injecting around USD 400 million in equity, according to insiders.

Adani’s real estate ventures, managed through unlisted firms like Adani Realty and Adani Properties, already include high-profile projects. The group is redeveloping Mumbai’s Dharavi slum—one of Asia’s largest—and recently clinched the Rs 36,000 crore Motilal Nagar redevelopment in Goregaon, a 143-acre housing project. Emaar India’s acquisition would further diversify Adani’s portfolio, adding premium properties in key markets.

Emaar Properties, a global real estate giant listed on the Dubai Financial Market, boasts iconic developments like the Burj Khalifa and Dubai Mall, with a land bank of 1.7 billion square feet across the UAE and beyond. This potential transaction underscores Adani’s ambition to rival India’s top real estate players while marking a strategic exit for Emaar from its Indian operations.