Adani's realty unit in talks to buy debt-laden Ozone group, says report

Adani's 10-year-old developer arm will be taking over the debt of Ozone which has been struggling to repay creditors.

Billionaire Gautam Adani’s realty unit is in advanced talks to take over beleaguered Indian developer Ozone Group at an enterprise value of about $1 billion, according to people familiar with the matter.

Adani Realty Ltd. is seeking to take over the Bengaluru-based Ozone, which has an outstanding debt of more than 60 billion rupees ($790 million), one of the people said, asking not to be named as the information is not public. Ozone has ongoing projects in Mumbai, Bengaluru and Chennai, according to information available on its website.

A spokesman for Adani group declined to comment while Ozone group representatives didn’t respond