Indian billionaire Gautam Adani is said to be in advanced talks with Emaar Properties to purchase its Indian unit for $1.4bn.
There have been reports of Emaar planning to sell its Indian arm, and the Dubai-based real estate giant filed a clarification with Dubai Financial Market in January this year that it was indeed in talks with several companies, including Adani Enterprises.
On Thursday, Bloomberg, quoting unnamed sources, reported that the transaction could include an unlisted Adani unit infusing about $400m in equity. It also said the two sides could reach an agreement as early as April.
Adani Group eyes Emaar India purchase
Both Adani Group and Emaar did not comment when requested by Bloomberg.
Adani Group is currently involved in the redevelopment of Mumbai’s Dharavi slum. One of the biggest slums in the world, Dharavi was where the superhit Hollywood movie Slumdog Millionaire was based.
The group is also the top bidder for redeveloping one of Mumbai’s largest housing projects, estimated to be worth $4.1bn.
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