NEW DELHI: Dubai’s Emaar Properties has confirmed it will not sell stakes in its Indian subsidiary but is exploring potential joint ventures with major Indian business groups, including the Adani Group.
In a regulatory update to the Dubai Financial Market on September 18, Emaar stated it “is no longer considering the sale of any stake in its Indian entity.”
Instead, the company is looking into partnerships with large firms or groups in India, specifically mentioning the Adani Group.
Emaar Properties first entered the Indian real estate market in 2005 by partnering with MGF Development, committing around Rs 8,500 crore through their joint venture, Emaar MGF Land. However, in April 2016, Emaar opted to conclude this joint venture via a demerger process.
Emaar India boasts an extensive portfolio of residential and commercial properties across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur.
The Adani Group is heavily involved in the Indian real estate sector via its entities, Adani Realty and Adani Properties, and has secured significant redevelopment projects, including the revitalization of Dharavi, one of Asia’s largest slums located in Mumbai.
Emaar Properties PJSC stands as one of the leading global real estate companies, with a robust presence in the Middle East, North Africa, and Asia. The firm controls a land bank of approximately 1.7 billion square feet across the UAE and key international markets.
Since 2002, Emaar has successfully delivered over 122,000 residential units in Dubai and other global markets, with notable developments such as the iconic Burj Khalifa and the Dubai Mall.
