Adani, Emaar said to cease talks on Indian real estate unit sale

Billionaire Gautam Adani’s real estate division has decided against buying the Indian unit of Dubai-based developer Emaar Group

(Bloomberg) --Billionaire Gautam Adani’s real estate division has decided against buying the Indian unit of Dubai-based developer Emaar Group due to disagreements on valuation, according to people familiar with the matter.

Billionaire Gautam Adani’s real estate division has decided against buying the Indian unit of Dubai-based developer Emaar Group due to disagreements on valuation, according to people familiar with the matter. (Picture for representational purposes only) (Mehul R Thakkar/HT)

The Adani family and Emaar had been in talks for a sale of Emaar India Ltd. at an enterprise value of $1.4 billion, Bloomberg News reported in March. Two months prior, Emaar said it was in discussions with potential buyers in India, including Adani.

The negotiations with Adani hit a snag because the two parties couldn’t reach a consensus on value, the people said, asking not to be identified because the talks were private.

Negotiations may resume at some point, the people said.

A representative for Adani didn’t have an immediate comment. Emaar didn’t respond to requests for comment.

A deal could’ve helped expand Adani’s Indian real estate portfolio, which covers 24 million square feet of property and another 61 million under development, according to Adani Realty’s website.

--With assistance from Zainab Fattah.

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