Real Estate Acquisition in India Planned

Gautam Adani, Asia's second-richest person, is in advanced talks to acquire the Indian unit of Dubai-based developer Emaar Group, potentially for $1.4 billion. The deal could involve an unlisted Adani unit injecting approximately $400 million in equity. While discussions are ongoing and could conclude as early as April, there's no guarantee of a final agreement.

This acquisition would significantly expand Adani's real estate portfolio in India, which currently encompasses 24 million square feet of existing property and 61 million square feet under development. The Adani family's real estate arm recently secured the top bid for a major Mumbai housing project, valued at around 360 billion rupees.

Emaar India is currently involved in residential and commercial projects across various locations, including New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan. Adani is also involved in the redevelopment of Mumbai's Dharavi slum.