Rs 13,000 crore deal… discussions in the final stage.
Adani is acquiring Emaar India The renowned real estate company Emaar India is being acquired by billionaire Gautam Adani’s group. The discussions related to this acquisition are in the final stages, with the deal estimated to be worth Rs 13,000 crore. Dubai-based Emaar Properties entered the Indian real estate market in 2005 through a partnership with MGF Development. Through this joint venture company (JV), Emaar MGF invested nearly Rs 8,500 crore in residential and commercial sectors across Delhi, Mumbai, Mohali, Lucknow, Indore, and Jaipur.
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In April 2016, Emaar Properties decided to wind up the JV. Emaar Properties revealed in January of this year that it was in talks with various domestic groups, including Adani, for the sale of its stake in Emaar India. However, it clarified that no decision had been made regarding the value or the deal itself. Meanwhile, Adani Group is rapidly expanding in the domestic real estate market through its unlisted companies Adani Realty and Adani Properties. Adani Realty is developing projects in several cities across the country.
