Indian billionaire Gautam Adani is close to buying the Indian unit of the Dubai-based developer Emaar Group for $1.4 billion, Bloomberg reported.

The Adani family and Emaar are discussing the deal’s structure, which may involve an unlisted Adani unit investing nearly $400 million in equity, the news agency reported, quoting informed sources.

The two sides could reach an agreement by April. However, there is no guarantee as talks are ongoing, Bloomberg said.

In January, Emaar confirmed it was in discussions with some Indian companies, including Adani, about a potential stake sale in Emaar India.

Adani Realty, the real estate arm of Adani Group, has developed 24 million square feet of property and has another 61 million square feet under development, according to its website.

(Editing by Bindu Rai, bindu.rai@lseg.com)