Adani Enterprises to Sell Realty Business

Bangalore: The flagship company of Gautam Adani, Adani Enterprises (AEL) has firmly decided to sell its real estate business and to focus its new mining venture and other existing businesses, reports Maulik Pathak, The Mint.

According to company’s statement, the AEL board has approved the proposal of selling the real estate business of the company.

In cities like Ahmedabad, Delhi-NCR and Mumbai, Adani Infrastructure and Developers (AIDL), unit of AEL, has invested more than 2000 crore to construct more than 40 million square feet of residential and office properties.

Devang Desai, Chief financial officer of AEL cited that “AEL has decided to exit its real estate businesses as it wants to focus more on its core sectors like ports, power and energy, which are all integrated.”  He further added that “We will appoint bankers for carrying valuation of our real estate businesses and in three to four weeks time we will decide on the exact course of action. As of now, AEL is open to selling its entire stake in its step-down real estate subsidiaries to anyone including the promoters,” reports The Mint.

It was back in the year 2006 when AEL’s real estate venture  was first noticed when it succeeded to gain development rights for a 21 lakh square feet area from Housing Development and Infrastructure (HDIL) in Mumbai’s Bandra Kurla complex for a deal of 2000 crores and later they moved on to acquire the Khatau Mills land in Mumbai.

Desai further added that "We may consider a total exit from the whole portfolio of our real estate projects, including Mumbai. It has a negligible share in our total revenues," reports TNN.