Adani Group nears $1.4 billion deal for Emaar's India unit

Billionaire Gautam Adani is in advanced negotiations to acquire the Indian unit of Dubai-based Emaar Group for an estimated enterprise value of $1.4 billion, as he seeks to expand his real estate portfolio in India. The discussions may involve an unlisted Adani unit contributing approximately $400 million in equity. An agreement could potentially be reached as soon as April, though no deal is guaranteed as talks are ongoing. This acquisition would enhance Adani's existing portfolio, which includes 24 million square feet of developed properties and another 61 million under development. Additionally, Adani's real estate unit recently emerged as the top bidder for a significant redevelopment project in Mumbai and is involved in the redevelopment of the Dharavi slum. Emaar has confirmed it has been in discussions with various parties, including Adani, regarding a potential stake sale in Emaar India Ltd.