mumbai the adani family promoters of the adani group will take over the real estate business of adani enterprises valued at 1 billion the investment will allow the firm to focus on its core businesses of resources logistics and energy the companys land bank in ahmadabad national capital region ncr and mumbai is valued at over 1 billion of which the mumbai property alone is estimated at over 400 million with the continuing objective of focusing on our core business the board of directors have approved the proposal to divest its holding in real estate business subject to requisite approvals formalities and clearances the group had said in a statement during its quarterly earnings earlier this month giving an impression that the adanis will sell off its realty business to someone else sources close to group said that the family may spin off all assets into a separate company and may tie up with reputed developers and tap the capital markets at a later stage gautam adani chairman adani group clarified on thursday that the company will sell its properties to its promoter through an independent valuation exercise to be carried out by an independent consultant the transaction will be done on an arms length basis adani told toi without divulging further details this move is significant because it will infuse funds to the company to finance capitalintensive businesses of ports power and mines and the land banks will be retained by the promoters the real estate assets are owned by adani enterprises realty arm adani infrastructure and developers pvt ltd which possesses 40 million square feet of residential and commercial space including a township in ahmedabad spread over 616 acres involving a cost outlay of rs 5000 crore rajesh adani marketing director adani enterprises said