Mumbai: Billionaire Gautam Adani is reportedly in advanced talks to acquire the India unit of Dubai-based real estate giant Emaar Group, in a deal estimated to be worth $1.4 billion. If the transaction goes through, it could significantly expand Adani Group’s footprint in India’s real estate sector.
According to a Bloomberg report, the deal could involve an unlisted Adani entity infusing around $400 million in equity. Discussions are ongoing, and while an agreement could be reached as soon as April 2025, there is no certainty that the deal will be finalized.
Emaar’s India Exit and Adani’s Real Estate Expansion
The potential acquisition follows Emaar Group’s January announcement, where it stated that it was in discussions with multiple Indian business groups, including Adani Group, regarding a stake sale in Emaar India Ltd.
For Gautam Adani, currently India’s second-richest person, this move aligns with his broader strategy to expand into real estate. Adani Group’s real estate division, Adani Realty, is already making major strides in the sector. Earlier this month, Adani Realty emerged as the top bidder for the redevelopment of one of Mumbai’s largest housing projects, a massive ₹36,000 crore undertaking. The group is also leading the redevelopment of Dharavi, one of the world’s largest slums, a project that has global significance due to its prominence in the Hollywood film Slumdog Millionaire.
If the Emaar deal materializes, it will significantly boost Adani’s real estate portfolio in India. Adani Realty currently holds 24 million square feet of developed property and has 61 million square feet under development, as per its website. Emaar India, on the other hand, is currently developing a range of residential and commercial projects in key locations such as New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan.
Emaar Group: Dubai’s Real Estate Powerhouse
Emaar Properties, headquartered in Dubai, UAE, is one of the world’s most prominent real estate developers. Founded in 1997, the company is known for developing Burj Khalifa, the world’s tallest skyscraper, and The Dubai Mall, one of the largest shopping malls globally.
Emaar entered India in 2005, launching Emaar India Ltd to develop high-end residential and commercial projects across the country. However, the company has faced challenges in the Indian market, including legal disputes with its former joint venture partner MGF Developments. In recent years, Emaar has been gradually looking to exit the Indian market to focus on its Middle Eastern and global projects.
Adani Group’s Growing Business Empire
Founded in 1988, Adani Group has rapidly grown into one of India’s largest conglomerates, with interests spanning ports, airports, power generation, renewable energy, infrastructure, and real estate. The group is best known for operating India’s largest private port, Mundra Port, and managing key international airports in Mumbai, Ahmedabad, and Jaipur.
In real estate, Adani Realty is developing major commercial and residential projects in cities like Mumbai, Ahmedabad, and Gurugram. The group’s increasing involvement in mega infrastructure projects, including slum redevelopment and housing projects, indicates its long-term ambitions in India’s urban transformation.
What’s Next?
If Adani Group finalizes the $1.4 billion acquisition of Emaar India, it would be a game-changing move in India’s real estate sector. The acquisition would not only boost Adani’s existing real estate portfolio but also strengthen its presence across major Indian cities, leveraging Emaar’s ongoing developments.
For Emaar, the sale would mark its official exit from India’s real estate market, allowing the company to focus on its core developments in Dubai and other international markets.
While discussions are still ongoing, industry analysts believe that Adani’s aggressive expansion strategy makes this deal highly probable. If it goes through, it could reshape the landscape of Indian real estate, further consolidating Adani Group’s dominance in infrastructure and urban development.
