Billionaire Gautam Adani plans to expand in real estate with Rs 12090 crore deal, in advanced talks to buy...

Gautam Adani, the second richest in India, is planning to expand his real estate business. The billionaire is in advanced talks to buy the Indian unit of Dubai-based developer Emaar Group at a potential enterprise value of USD 1.4 billion (Rs 12090 crore), according to people familiar with the matter, PTI reported. The Adani Group is already active in the Indian real estate market through its unlisted entities Adani Realty and Adani Properties. Now, the Adani Group and Emaar are discussing the structure of a transaction, which could include an unlisted Adani unit infusing about USD 400 million in equity, the people said, adding that an agreement could be reached as soon as April, but there’s no guarantee of a deal as talks are ongoing. The two groups have declined to comment on the news. 

Adani Realty has been developing many projects across major cities in India. The Adani Group has also bagged redevelopment projects, including Dharavi which is one of Asia's largest slums in Mumbai. It has emerged as the highest bidder for the Rs 36,000 crore redevelopment of Motilal Nagar in Mumbai. Gautam Adani continues to grow his business empires through several new businesses and acquisitions. The 62-year-old presently has a real-time net worth of USD 59.3 billion, as per Forbes.

Moreover, the Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land. In April 2016, Emaar Properties decided to end the joint venture through a demerger process. Emaar India has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore and Jaipur.

(With inputs from PTI)

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