Adani Group in Talks to Acquire Majority Stake in Emaar India for ₹4000-₹5000 Crore

Adani Group is reportedly in talks with Dubai-based Emaar Group to acquire a significant stake in its Indian subsidiary, Emaar India, for ₹4000 crore to ₹5000 crore. According to a Mint report, the deal could result in Adani securing 70% to 100% ownership in Emaar India, marking the group's largest real estate acquisition to date.

Emaar India, a subsidiary of global developer Emaar Properties, holds a strong presence in the Indian real estate market. With high-profile projects in cities like Delhi-NCR, Mohali, Lucknow, Indore, and Jaipur, the acquisition is seen as a strategic move to expand Adani Group’s real estate portfolio and tap into significant growth opportunities.

The acquisition is expected to be financed privately using Adani’s family wealth, and not through the books of any of its publicly listed companies. Although the valuation is still being negotiated, it is estimated that the deal could be finalized at around ₹5000 crore. The precise terms and details of the acquisition will depend on the final negotiations between the two parties.

This deal, if concluded, would represent Adani Group's most significant foray into real estate. Adani Realty, the group’s unlisted arm focused on the real estate sector, is likely to spearhead the transaction. The company has already made its mark in the Indian real estate industry with several key projects, including high-end residential and commercial developments.

Emaar India, promoted by Emaar Properties PJSC, is well known for its iconic developments, including its flagship project, the Burj Khalifa in Dubai. The company's portfolio in India spans residential, commercial, and retail projects, with several ongoing developments in key urban centers across the country. Despite the high interest in the deal, an Emaar India spokesperson declined to comment on the ongoing discussions, citing company policy not to respond to rumors or speculation. Queries to Adani Group about the potential acquisition went unanswered.

Emaar India’s diverse portfolio in prominent locations is expected to align well with Adani’s long-term growth strategy in the real estate market. The acquisition also complements Adani’s ongoing real estate ventures in various parts of India, including luxury developments in Mumbai and the significant Dharavi slum redevelopment project.

The Dharavi redevelopment, one of Asia’s largest slum redevelopment initiatives, involves the creation of a new urban development on the 600-acre site in Mumbai. The project is a joint effort between Adani Group and the state government of Maharashtra, with the group holding an 80% stake through a special purpose vehicle (SPV) called Dharavi Redevelopment Project Private Limited (DRPPL). The group plans to build residential, commercial, and social infrastructure within Dharavi, which is home to one of Asia’s largest slum populations.

In December 2024, the Adani Group also renamed the Dharavi Redevelopment Project to Navbharat Mega Developers Private Limited (NMDPL), signaling a new phase for the project. The redevelopment initiative, once complete, is expected to drastically change the landscape of the area and serve as a model for urban regeneration.

Apart from the Dharavi project, Adani Realty has expressed interest in expanding its presence across India by acquiring real estate assets from distressed developers. One such potential acquisition is the real estate assets of the Jaypee Group, another major player in the Indian real estate sector that has been facing financial difficulties.

The acquisition of Emaar India would significantly strengthen Adani Group’s real estate business and further enhance its position as a leading developer in the country. With its proven track record in large-scale infrastructure projects, including the redevelopment of Dharavi, the Adani Group’s entry into the Indian real estate market through Emaar India could lead to a reshaping of the competitive landscape.

This deal, if finalized, will also signal continued confidence in the Indian real estate sector, which has been witnessing steady growth despite challenges. Adani Group’s expanding footprint in the real estate market could also lead to further consolidation in the industry, as large conglomerates take a more prominent role in shaping the future of urban development in India.