Gautam Adani’s realty unit is in talks to take over beleaguered Ozone Group.
Adani Realty may take over
The deal will be an enterprise value of about $1 billion. Adani Realty Ltd. is seeking to take over the Bengaluru-based Ozone. Ozone has an outstanding debt of more than 60 billion rupees, Bloomberg reported
Relief for Ozone
Ozone has ongoing projects in Mumbai, Bengaluru and Chennai. Adani’s 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.
