Gautam Adani's realty unit is expected to take over Bengaluru-based Indian developer Ozone Group at an enterprise value of about $1 billion, Bloomberg reported. The Ozone is currently cash-strapped and has more than billions of debt to repay. Adani Realty Ltd. and Ozone group representatives are yet to comment on the matter and the deal could still fall apart, the report added. 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.
Also Read | Gautam Adani signs world's largest Green PPA with SECI to supply 4,667 MW green power
Key Points:
1. Ozone has delivered 13.5 million square feet of real estate projects so far and has 48 million square feet in various stages of development, said the company website.
Advertisement
2. The Ozone has an outstanding debt of more than 60 billion rupees ($790 million), Bloomberg said quoting its sources.
3. The firm has also specified that it had ongoing projects in Mumbai, Bengaluru, and Chennai, according to data displayed on its website.
Advertisement
Also Read | Finance Minister to hold first pre-Budget meet with farm sector
