Dubai developer Emaar in talks to sell stake in Indian business

Dubai’s largest developer, Emaar Properties, said on Thursday that it is in talks with “a few groups” in India, including Adani Group, to sell a stake in its local business.

“With reference to media reports regarding the discussions with Adani Group about the company’s business in India, the company would like to confirm that it is currently in discussion with a few groups in India, including Adani Group,” the developer said in a bourse filing.

Emaar – best known for building the world’s tallest tower — said the valuation and other terms of a potential transaction are not finalised.

The statement followed media reports stating that Adani Realty, the real estate arm of Indian billionaire Gautam Adani’s Adani Enterprise, was in advanced talks to acquire a majority stake in Emaar India.

Emaar forayed into the Indian market in 2005 and has a portfolio of residential and commercial properties in Gurugram, Mohali, Lucknow, Jaipur and Indore, according to information on its website.

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