Adani in talks with Emaar Group to acquire $1.4 billion India real estate unit: Report

Billionaire Gautam Adani is now in advanced talks to purchase the India unit of Dubai-based developer Emaar Group, valued potentially at about $1.4 billion.

The transaction could include an unlisted Adani unit infusing about $400 million in equity, according to a Bloomberg report.

HT.com cannot independently verify the authenticity of the information contained in the report.

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An agreement around this could be reaches as soon as April, though there still is no guarantee of the deal going through since the talks are currently ongoing, according to the report.

This development comes after Emaar had announced in January that it was in talks with some business groups in India, including the Adani Group, regarding a potential stake sale in Emaar India Ltd.

This also comes as Gautam Adani, India's second-richest person. looks to expand into real estate.

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The Adani Group's real estate wing also had emerged this month as the top bidder for redeveloping one of Mumbai's largest housing projects, estimated to be worth ₹36,000 crore.

Apart from that, Adani is also redeveloping Mumbai's Dharavi slum, which is one of the biggest slums in the world, and also served as the backdrop of the Slumdog Millionaire Hollywood movie.

If this deal goes through, the acquisition can enlarge his real estate portfolio in India which at the moment, includes 24 million square feet of property as well as another 61 million under development, according to its website.

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Emaar India's current projects under development include residential and commercial projects in places such as New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh and Rajasthan, according to the report.