Emaar to Form JV with Adani, Not Selling Stake

New Delhi, Sep 19 (PTI) Dubai-based Emaar Properties has asserted that it will not sell stakes in its Indian entity but the company is considering forming joint venture with big business houses in India including Adani Group.

In a regulatory filing on September 18 at Dubai Financial Market, Emaar Properties said the company "is no longer considering sale of any stake in its Indian entity."

"Alternatively, the company is considering joint venture with other large companies /groups in India, including Adani Group," it added.

Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and had invested around Rs 8,500 crore through the joint venture firm Emaar MGF Land.

In April 2016, Emaar Properties decided to end the joint venture through a demerger process.

Emaar India has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore and Jaipur.

Adani Group is active in the Indian real estate market through its unlisted entities Adani Realty and Adani Properties.

The group has also bagged redevelopment projects, including Dharavi which is one of Asia's largest slums in Mumbai.

Emaar Properties PJSC is one of the leading real estate companies in the world, with a significant presence in the Middle East, North Africa, and Asia.

The company has a land bank of about 1.7 billion square feet in the UAE and key international markets.

Emaar has delivered over 1,22,000 residential units in Dubai and other global markets since 2002.

Burj Khalifa, a global iconic building, and Dubai Mall are among the major projects developed by Emaar Properties.