Gautam Adani Group company is preparing for a big deal in the real estate sector. Group company Adani Realty has started talks to buy stake in real estate major Emaar India. Let us tell you that Emaar India is owned by its global parent company Emaar Group. Emaar Group is a giant real estate developer headquartered in Dubai, United Arab Emirates.
what is the detail
Sources told Business Today that senior officials of Ahmedabad-based Adani Realty are in talks with the leadership of Emaar India. According to the source, a possible transaction is being discussed, which would involve selling a part of its ownership in Emaar India to the Adani Group. However, it has not been finalised yet. Sources say that the two entities are currently in the early stages of their talks and the blueprint for the stake sale is being prepared. Another source said that there is no certainty on the amount of stake to be taken by the Adani Group.
Emaar market and plan
Gurgaon-headquartered Emaar India is a leading company in the country’s commercial and housing real estate market. Earlier, Emaar India CEO Kalyan Chakraborty had talked about plans to launch 8-10 million square feet of real estate projects this year. About one billion US dollars (Rs 8,400 crore at current rates) will be invested in these projects by 2029. In a conversation with the media, he had said that 80 percent of the new projects will be in Gurgaon. Currently, the company has presence in 5 markets of the country – Gurgaon, Jaipur, Lucknow, Mohali and Indore.
How were the company’s results
Emaar India Limited’s operating revenue fell 31.4 percent to Rs 1,670 crore in FY 2023. Its operating revenue was Rs 2,434 crore in the previous year. There was a net profit of Rs 189 crore in FY 2022. At the same time, in FY 2023, the company recorded a loss of Rs 118.7 crore.
