New Delhi, Mar 20 (PTI) Billionaire Gautam Adani’s group is in advanced talks to acquire real estate company Emaar India for an enterprise value of around USD 1.4-1.5 billion as it looks to expand its property business, according to sources.

Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India’s MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land.

In April 2016, Emaar Properties decided to end the joint venture through a demerger process.

Emaar India has a large portfolio of residential and commercial spaces across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore and Jaipur.

According to sources, the talks between Dubai-based Emaar Properties and Adani Group are in an advanced stage.

Adani Group and Emaar India declined to comment.

In January this year, Emaar Properties said, “The company would like to confirm that it is currently in discussion with a few groups in India, including Adani Group, for a potential sale of a stake in Emaar India. The valuation and the other terms of a potential transaction are not finalised”.

Sources said that Emaar Properties is looking to sell stake in the Indian entity but the extent of dilution in shareholding is not decided yet.

Adani Group is active in the Indian real estate market through its unlisted entities Adani Realty and Adani Properties.

Adani Realty has been developing many projects across major cities in India.

The group has also bagged redevelopment projects, including Dharavi which is one of Asia’s largest slums in Mumbai.

After the Dharavi slum redevelopment project, Adani group has emerged as the highest bidder for the Rs 36,000 crore redevelopment of Motilal Nagar in Mumbai.

Motilal Nagar I, II & III is one of Mumbai’s biggest housing redevelopment projects, covering 143 acres in Goregaon (W).

Adani Properties Pvt Ltd (APPL) emerged as the highest bidder. Letter of Allotment (LoA) will be issued in due course.

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia.

One of the world’s largest real estate companies, Emaar has a land bank of around 1.7 billion sq ft in the UAE and key international markets. Burj Khalifa and Dubai Mall are among the major projects developed by Emaar Properties.

New Delhi, Mar 19 (PTI) Capital markets regulator Sebi on Wednesday barred former TV anchor Hemant Ghai and his family members from the securities markets for five years for violating regulatory norms.

Apart from the ban, Sebi has directed Hemant Ghai and his wife Jaya Ghai to disgorge the unlawful gains worth ₹6.16 crore, along with 12% interest per annum to be calculated from March 31, 2020, till the date of the interim order.

It has also slapped a penalty of ₹50 lakh each on Hemant Ghai and Jaya Ghai, ₹30 lakh on MAS Consultancy Service, and v5 lakh on financial services company Motilal Oswal Financial Services Ltd (MOFSL).

The regulator had concluded that Hemant Ghai used his position as a TV anchor to influence stock prices, while his family members executed trades in advance to profit from the recommendations.

“…Hemant Ghai had a huge following on social media and was closely followed on CNBC. The recommendations made by him influenced the investment decisions made by his viewers and impacted the price and volume of the recommended scrips.

“However, he unfairly used this privilege to his own advantage,” Sebi’s whole-time member Ashwani Bhatia said in the order.

In the final order, the regulator said, “A majority of trades and profits in the accounts of Jaya Ghai and Shyam Mohini Ghai stemmed from trades synchronised with stock recommendations made on CNBC by Hemant Ghai, husband and son, respectively, of the individuals in whose accounts the trades were executed”.

Also, Sebi pointed out that Hemant has exercised operational control over these accounts, with his email, phone number, and bank credentials linked to them.

“International Mobile Subscriber Identity Number (IMSI) and App ID data also confirmed access from his device to the bank account of Jaya Ghai linked to her trading accounts,” the regulator said in a 76-page order.

Further, call data records also showed that frequent communication with the MAS dealer executing these trades further corroborates the findings, it added.

Sebi also observed that there was an attempt to falsify records through fabricated order instruction sheets, along with the failure to provide copies of messages through which trades were allegedly placed, which further exposes the deliberate effort to conceal the nature of these transactions.

Further, the regulator said that MAS Consultancy Services (an authorised person affiliated with MOFSL) actively aided and abetted Hemant in executing fraudulent trades by permitting him to place trades in the accounts of his wife and mother without proper authorisation and by failing to maintain copies of trade instructions, as required under the rules.

By allowing trades placed by Hemant to be camouflaged as being placed by Jaya and Shyam Mohini, MAS provided a cover that enabled Ghai to exploit material non-public information for personal gains.

Such conduct of facilitating fraudulent trade practices by an intermediary falls foul of provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules.

The case revolved around trades executed between January 2019 and May 2020 in the accounts of Ghai’s wife, Jaya, and his mother, Shyam Mohini Ghai.

The investigation revealed that a substantial portion of their trades aligned with stocks recommended by Hemant on air.

Sebi noted that 81% of their trades were linked to these recommendations, generating nearly 85% of their profits. Thereafter, the regulator issued an interim order in January 2021, later confirming it in September of that year and impounding illegal gains in February 2022.

Further, a deeper probe expanded the investigation period to include intraday and BTST (Buy Today, Sell Tomorrow) trades. The revised findings also showed illegal gains amounting to ₹6.16 crore made by the Ghai family, Sebi said.

 

Mumbai, Mar 20 (PTI) MRO services provider HaveUs Aerotech on Thursday said the European aviation safety regulator EASA has granted its approval to the company’s three facilities — at Delhi, Gurugram, and Bangalore.

The certification from European Union Aviation Safety Agency (EASA) enhances the company’s ability to provide instant, reliable support to both national and international airline operators, the Gurugram-based MRO services operator said.

The company also said it is the first MRO company to get such a certification in three states.

“By expanding our workforce and ensuring we have the right skills in place, we are not only enhancing our capabilities but also contributing to national growth and job creation,” Anshul Bhargava, Chairman & Managing Director of HaveUs Aerotech, said.

HaveUs operates MRO facilities in North and South India, and with upcoming facilities in Mumbai and Kolkata, it aims to deliver quicker turnaround times and high service quality to airlines across the country and globally, he added.

These new MRO locations will not only provide crucial support for India’s aviation infrastructure but will also offer excellent opportunities for local job seekers — skilled professionals and unskilled workers.

The company currently employs over 200 skilled and unskilled professionals and plans to hire more talent in the near future, the statement said.

HaveUs recently obtained approval from DGCA to offer maintenance services for Unit Load Devices and pallets at its Delhi facility.