Adani Realty, the property development arm of Adani Group, plans to acquire a majority stake in Emaar India for around Rs 5,000 crore. If the deal goes through, it will be Adani's largest purchase in recent years.
The talks between Adani Realty and Emaar India were first reported in September last year. As per a new report by Mint, the deal talks are in an advanced stage and could see Adani Group take up to 100% stake in the Dubai-based developer Emaar Properties' Indian arm.
Emaar Properties built and owns the world's tallest building, Burj Khalifa. In India, they have a vast portfolio of residential and commercial projects in Delhi-NCR, Mohali, Lucknow, Indore, and Jaipur. It also recently launched a holiday home project in Alibaug, Mumbai.
Adani's Push in Real Estate
Emaar India is just one of the many reported acquisitions the 14-year-old Adani Realty has been pursuing to boost its business. Last year, the Adani Group's subsidiary Bridgeport Realtors got approval to acquire bankrupt property developer Radius Estates and Developers Private Ltd (Radius).
The Adani Group has also announced purchases of a 30% stake in Gujarat-based construction company PSP Projects from its promoters for Rs 685 crore in November 2024. Earlier, Adani Group had agreed to buy construction company ITD Cementation India Ltd.
Meanwhile, reports say that to expand its presence in northern India, Adani Realty is looking to buy assets of bankrupt developer Jaypee Group. According to Mint, Adani Group plans to spend up to $1 billion for Jaypee's assets, which include apartment complexes, villas, and golf courses in the National Capital Region.
Adani Realty Projects
The unlisted property arm of Adani Group, as per Mint, has a total project portfolio of 200 million sq. ft., of which around 23 million sq. ft. is developed and over 40 million sq. ft. is under construction. The firm's reported revenues as of March 2024 stand at Rs 6,000 crore, putting it in the list of developers like DLF Ltd, Prestige Group, Macrotech Developers, and Godrej Properties.
In November 2022, Adani Realty won the bid for the redevelopment of Mumbai's Dharavi, one of the world's largest slums that sprawls over 600 acres in the heart of Mumbai, with a bid of Rs 5,069 crore. Reports say that if successfully executed, it would be equivalent to developing over 150 real estate projects. However, the project has been caught in political crosshairs with several issues, including too much land allocation and resettlement of those living in the areas being raised.
In February last year, Adani Realty also outbid L&T Realty Ltd to emerge as the highest bidder for the redevelopment of a 24-acre sea-facing plot in Mumbai's Bandra, a real estate hotspot.
