Adani Group is reportedly in advanced negotiations with Dubai-based Emaar Properties to acquire a majority stake in its Indian arm, Emaar India, for an estimated Rs 4,000-5,000 crore. The deal is likely to involve the acquisition of 70-100 percent ownership in Emaar India, primarily through Adani Realty, an unlisted entity under the Adani Group. The exact valuation of the deal is still under negotiation, with sources indicating it could reach Rs 5,000 crore, depending on the final terms, according to a report by the Mint.

This acquisition, if completed, will mark Adani Group’s largest purchase in the real estate sector, building on several past acquisitions, further noted the report. Since its 2016 split with MGFDevelopments Ltd, Emaar India has expanded its portfolio of residential and commercial properties across key cities in India, including Delhi-NCR, Mohali, Lucknow, Indore, and Jaipur.

Emaar India’s notable developments include properties like Emaar Emerald Hills, Emaar Digi Homes, and Emaar Business District 83, among others. In addition, the company launched the luxury residential project Amaris in Gurugram in November, marking an investment of Rs 1,000 crore. Emaar India’s total income for FY24 reached Rs 2,756.6 crore, up from Rs 1,765.8 crore in the previous year.

Adani Realty, part of the Adani Group led by billionaire Gautam Adani, has ramped up its real estate ventures in recent years. The company has projects in Mumbai, Pune, Ahmedabad, and Delhi-NCR, totaling over 200 million sq. ft. of development space.

Adani Realty is also involved in high-profile projects, including the controversial Dharavi slum redevelopment and luxury developments in Mumbai. The company’s expansion into Northern India is also evident through talks with the Jaypee Group, where it plans to acquire real estate assets as part of India’s largest bankruptcy case.