Emaar Properties PJSC (Emaar) on Friday confirmed that it is in talks with various Indian companies, including the Adani group, for a potential stake sale in the Indian arm.

“With reference to media reports regarding the discussion with the Adani group about the company’s business in India, the company would like to confirm that it is currently in discussion with a few groups in India, including the Adani group, for a potential sale of stake in Emaar India. The valuation and other terms of a potential transaction are not finalised,’’ it said in a regulatory filing to the Dubai stock exchange.

Earlier, a Mint report said that Emaar and the Adani group were in discussions for acquisition of a majority stake in Emaar India for ₹4,000-5,000 crore. If the deal fructifies, it will be the biggest transaction for Gautam Adani in the real estate space.

Till now, the group has resorted to a plethora of acquisitions in the cement sector as it looks to catch up with UltraTech Cements.

While the Adani group’s presence in the country’s real estate sector is limited to Mumbai and Western India, it is looking to expand this reach across residential, commercial and retail.

Adani Realty, which won the bid for the Dharavi redevelopment project, had last year emerged as the largest bidder for redeveloping the Maharashtra State Road Development Corporation’s (MSRDC) 24-acre land at Bandra Reclamation near to the Bandra-Worli sealink.

The project will house both commercial and residential units. According to its website, Emaar India has projects in Alibag (Maharashtra), and New Gurgaon. These include luxury villas, apartments and residential plots.

Shares of Adani Enterprises on Friday ended at ₹2,397.40 on the BSE, a drop of 1.22 per cent over the last close.