Dubai-based real estate giant Emaar has confirmed it is in talks with multiple parties to sell a stake in its India business.
News outlets in India reported Emaar was in advanced talks with Indian billionaire Gautam Adani’s Adani Enterprise to sell a majority stake in Emaar India for up to INR50,000 million ($577.5 million).
In a disclosure to Dubai Finance Market (DFM), the company said: “With reference to the media reports regarding the discussion with Adani Group, about the Company’s business in India, the Company would like to confirm that it is currently in discussion with a few groups in India, including Adani Group, for a potential sale of a stake in Emaar India.
“The valuation and other terms of a potential transaction have not been finalised.”
Indian business newspaper Mint quoted an unnamed source as saying that the deal “will be for a 70-100 per cent ownership acquisition in Emaar India. Most of the projects (of Emaar) are at prime locations, which promise superior valuations”.
The newspaper added that Adani Realty, an unlisted company, is likely to make the acquisition.
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