What To Know
- In a recent announcement to the DFM, Emaar said “The Company would like to confirm that at this time the company is in talks with some groups in India namely Adani Group for sale of stake in Emaar India.
- According to Indian media sources, Emaar is currently engaged in early stage talks with Adani Enterprises Limited, controlled by billionaire Gautam Adani, on the proffer to sell up to 70% of the firm’s stake in Emaar India.
- The experts interested in the sector are attentive to the development as it concerns India’s real estate market and Emaar’s properties portfolio across the region.
In a recent announcement to the DFM, Emaar said “The Company would like to confirm that at this time the company is in talks with some groups in India namely Adani Group for sale of stake in Emaar India. This is due to the fact that the terms including valuation of the potential transaction have not been agreed.”
According to Indian media sources, Emaar is currently engaged in early stage talks with Adani Enterprises Limited, controlled by billionaire Gautam Adani, on the proffer to sell up to 70% of the firm’s stake in Emaar India. The proposed deal is expected to generate revenue of up to INR50,000 million ($ 577.5 million). The unnamed sources cited by the Mint business newspaper also suggest that Emaar Properties may transfer 70-100 per cent of the equity in Emaar India.
Amongst the prime real estate developers in India and overseas, Emaar India comprises considerable worth owing to its appropriate locations for projects. The prospective buyer is said to be Adani Realty – an unlisted company affiliated to the Adani Group if the deal goes through.
These factors give strategic direction for Emaar’s operations in India but as yet no deal has been signed. The experts interested in the sector are attentive to the development as it concerns India’s real estate market and Emaar’s properties portfolio across the region.
This step is part of a continuous plan by Emaar Properties to reorganise its activities abroad and concentrate on the most promising markets. More specifics regarding its conditions and rationale are likely to come as the talks develop even though the parties have announced the general idea of the spot buys.
