Gautam Adani’s BIG move, may acquire India arm of company that built Burj Khalifa; deal worth Rs…

Billionaire Gautam Adani’s conglomerate is in final stages of discussions to acquire the India arm of the real estate developer Emaar Properties, according to a Bloomberg report.
The deal is valued at USD 1.4 billion or nearly Rs 12,000 crore.
Even though discussions are still ongoing, an agreement between the two parties could be signed as early as April, the report said citing sources.

Adani’s growing real estate portfolio
If materialised, the said deal will strengthen Adani’s rapidly-growing real estate portfolio. The group already manages 24 million square feet of developed property and has 61 million square feet of property under development across projects, according to the website of Adani Realty — the group’s real estate subsidiary. Some of the upcoming projects of the Adani Group are the Navi Mumbai International Airport and the Dharavi slum redevelopment project.

Emaar’s presence in India
Emaar Properties, based out of Dubai in United Arab Emirates (UAE), is best known for building the Burj Khalifa — the tallest building in the world. Its India arm has built commercial and residential properties in several states, including national capital Delhi, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan.