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Emaar Confirms Discussions with Adani Group for Stake Sale in Indian Operations

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Emaar Confirms Discussions with Adani Group for Stake Sale in Indian Operations

Emaar Properties, Dubai’s largest publicly listed real estate developer, confirmed Thursday that it is holding discussions with a number of Indian groups-which include Adani Group-as part of a deal to sell off a stake in its Indian operation. In its statement to the Dubai Financial Market, Emaar said negotiations are still in discussion; however, they have not decided on the exact valuation and terms.

This comes weeks after reports said Adani Realty, the real estate arm of Gautam Adani-led Adani Enterprises, was in advanced talks to buy a majority stake in Emaar India. The deal could have a major effect on India’s fast-growing property market, considering Emaar’s strong portfolio and the expansion ambitions of Adani.

Reports indicate that this could be anything from 70-100% sale of Emaar India. Emaar’s projects in India are principally concentrated in strong cities such as Gurugram, Mohali, Lucknow, Jaipur, and Indore, adding considerable value to its operations. With high-end construction and state-of-the-art designs, Emaar India has built a reputation equal to its global parent company, renowned for building major landmarks such as Dubai’s Burj Khalifa.

Emaar entered the Indian market in 2005 and has since then become an important player both in residential as well as in commercial real estate. India stands among Emaar’s four key international markets, besides Saudi Arabia, Turkey, and the United States.

In case it works out with the Adani Group, the Indian real estate industry could change and bring the integration of the best Emaar could provide along with aggressive multi-sector growth of the Adani group that will present the opportunities for consolidation and more new projects on India’s landscape.

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