Emaar Properties, Dubai’s leading real estate developer, has confirmed ongoing discussions with Indian companies, including Adani Group, regarding the potential sale of a stake in its Indian subsidiary.
In a filing with the Dubai Financial Market on Thursday, Emaar clarified that while talks are in progress, the valuation and terms of the deal are yet to be finalized. Reports suggest the transaction could involve a majority stake in Emaar India, valued between INR40-50 billion ($462 million-$578 million).
Emaar entered the Indian real estate market in 2005 through a joint venture with MGF Development, investing INR85 billion ($1 billion). The partnership dissolved in 2016 following a formal demerger, which received regulatory approval in 2018.
If finalized, the deal could signify a significant move for Adani Group in the real estate sector, further cementing its market presence.
Emaar’s robust financial performance in 2024 reflects the developer’s growth trajectory. The company recorded a 30% revenue increase during the first three quarters of 2024, reaching AED23.8 billion ($6.5 billion), driven by a 60% surge in real estate sales to AED50 billion.
This potential sale aligns with Emaar’s strategy of streamlining operations and leveraging opportunities in dynamic markets. The deal’s outcome could influence the future direction of India’s real estate industry.
Add Comment