Adani Realty and Emaar Group Halt Negotiations Over Indian Unit Sale, ET RealEstate
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.
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.
