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Bond Market News
Adani Group to Buy Stake in Emaar’s India Unit
January 17, 2025
Adani Group is in advanced talks to acquire a majority stake in Emaar India, a subsidiary of Dubai-based Emaar Properties, for an estimated INR 40-50bn ($462-578mn). The deal could involve Adani Realty, an unlisted entity of Adani Group acquiring 70-100% of Emaar India’s ownership. This would be Adani Group’s largest real estate acquisition to date. Emaar India has a significant portfolio of residential and commercial properties in cities like Delhi-NCR, Mohali, and Lucknow. Emaar India’s income for FY2024 reached INR 27.5bn ($318.5mn), up 56% YoY.
Emaar bonds traded stable with its 3.875% 2029s at 94.38, yielding 5.25%
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