Adani Enterprises is planning to exit real estate business to focus on it's new mining venture and focus on it's core businesses of ports, power and energy. It is expecting to raise atleast R2000Cr through this divestment.

According to Livemint, the company aims to use the proceeds raised from the sale of its realty division for its mining business, said another company official familiar with the development. The person declined to be named.

The company is exploring all options for the exit including selling the entity to a third party or go in for a joint venture, or demerging it into a separate entity.

Adani Enterprises aims to start its mining operations in India in the ensuing quarters. Adani Enterprise also owns mining rights in Australia where it has acquired land and is expecting necessary environmental approvals shortly.

Adani Enterprises' realty arm - Adani Infrastructure And Developers Pvt Ltd is currently developing 40 mnsq.ft residential and commercial space, including a township in Ahmedabad, spread over 616 acre and involving a cost outlay of R5,000Cr.

Adani Enterprises in August bought a coal mine in Australia for about R12,600Cr in a cash and royalty deal. It will invest $6.9 billion in developing its recently acquired Australian coal mines. Adani will develop mine, rail and port project in its Galilee Basin coal mine in Queensland, Australia to produce up to 60 million tonnes of coal a year at its peak.

Adani Group had sold its retail business to Reliance Industries Ltd for about R180Cr in 2006.

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