Emaar Rules Out Stake Sale, Eyes Joint Venture in India

Emaar Properties has confirmed that it will not sell a stake in its Indian subsidiary, instead shifting its strategy to explore joint ventures with major real estate players, including the Adani Group. The clarification was issued through a statement to the Dubai Financial Market, where Emaar is listed.

Earlier this year, Emaar acknowledged talks with Indian groups such as Adani over a possible stake sale of Emaar India. Those negotiations had garnered attention amid reports that Adani Realty was close to acquiring a majority share for around $1.4 billion.

Emaar’s latest statement emphasised that no sale is under consideration. Instead, the company is evaluating joint venture opportunities with several large real estate firms in India. Adani Group is named among those potential partners.

The real estate firm’s move comes after the earlier sale discussions faltered due to disagreements over valuation. Adani Realty and Emaar were unable to reach a consensus, leading to a stall in the effort to finalise transaction terms.

Financially, Emaar India posted net losses after tax for the fiscal year ending 31 March 2024, amounting to about ₹1,340.8 million. That compares with total revenues of approximately ₹29,137 million for the same year; in the previous year revenues had stood at roughly ₹18,319 million.

Meanwhile, Emaar Properties globally has reported strong operational performance. For 2024, it achieved property sales of nearly Dh70 billion, a rise of some 72 per cent over 2023. Revenue backlogs—sales booked but not yet recognised as revenue—exceeded Dh110 billion, providing a cushion for future earnings. Net profit before tax grew by about 25 per cent to Dh18.9 billion.