Adani Realty is in talks to acquire Indian developer Ozone Group at an enterprise value of around $1 billion, as per the people aware of the matter.

Adani Realty Limited aims to acquire the Bengaluru-based Ozone, which has an outstanding debt of over Rs 60 billion. Ozone has ongoing projects in Bengaluru, Chennai and Mumbai, as per the information available on its website.

As part of this deal, Adani’s 10-year-old developer arm will be acquiring the debt of Ozone which has been struggling to repay creditors. Ozone has supplied 13.5 million sq ft of real estate projects so far and has 48 million sq ft in different stages of development.

The closely-held real estate arm of the ports-to-power group, run by Asia’s second-richest person, will look for more stressed real estate firms and land parcels, they said, to expand the business rapidly. Adani Realty has been constructing residential and commercial projects of over 69 million sq ft across Indian cities of Mumbai, Ahmedabad, Kochi, Mundra, Gurgaon, as per the group website.

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