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.
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.
You may also like
Ponting feels Labuschagne 'might be pushed' to open with Khawaja for WTC final
Indian Man Attacked By Tiger While Taking Photograph In Chilling Video From Phuket
Drivers could be fined £1,000 if caught over bad habit at traffic lights
'No country backed India': Congress says BJP's 'foreign policy failed' post-Operation Sindoor
'I was idolised by Inter's ultras – they smashed up fan's nose when HE tried to touch me'
