Gautam Adani’s Adani Realty Ltd. is in talks to take over Ozone Group.
- ByStartupStory | December 15, 2021
According to sources, Gautam Adani’s realty unit, Adani Realty Ltd. is in advanced talks to take over beleaguered Indian developer Ozone Group at an enterprise value of about $1 billion. The Bangalore-based debt ridden company is in an outstanding debt of more than 60 billion rupees.
The 10-year-old developer arm will be taking over the debt of Ozone which has been struggling to repay creditors. Ozone has delivered 13.5 million square feet of real estate projects so far, has 48 million square feet in various stages of development and has ongoing projects in Mumbai, Bengaluru and Chennai, according to their website claims.
The closely-held realty arm of the ports-to-power group, helmed by Asia’s second richest person, will look for more stressed real estate companies and land parcels to rapidly scale up the business. Adani Realty has been developing residential and commercial projects of more than 69 million square feet across Indian cities of Ahmedabad, Mumbai, Gurgaon, Kochi and Mundra.
It is however important to mention that no final decision has been reached so far on the talks.
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