Adani Realty’s plans to buy Emaar India have come to a halt because of disagreements over valuation. The ongoing talks about the $1.4 billion deal have paused. While it’s possible negotiations could restart later, no deal is in place now. The failure to agree means Adani cannot grow its property holdings. Currently, the company owns 24 million square feet and has 61 million more under development.
Gautam Adani’s real estate division decided not to buy Emaar India because of a difference in price expectations. Sources familiar with the matter confirmed this. The two families had been discussing a sale at an enterprise value of $1.4 billion, Bloomberg reported in March. Two months earlier, Emaar said it was talking to potential buyers in India, including Adani.
The talks hit a standstill because the two couldn’t settle on a fair value. The sources spoke on condition of anonymity because the discussions were private. They added that the negotiations might start again someday.
Adani didn’t comment immediately. Emaar didn’t respond to questions. If completed, the deal could have helped Adani expand its Indian property holdings. Its portfolio includes 24 million square feet of owned space plus 61 million more under development, according to Adani Realty’s website.