Adani Realty in advanced talks to acquire Ozone Group

Strategic Expansion: Adani Realty Eyes Ozone Group Takeover

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 discussions. Adani Realty Ltd. is seeking to take over the Bengaluru-based Ozone, which has an outstanding debt of more than 60 billion rupees.

The Ozone Portfolio

Ozone has ongoing projects in Bengaluru, Chennai and Mumbai. 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 developer operates across residential, commercial, and mixed-use segments, with projects ranging from luxury apartments to business parks and integrated townships.

Debt Restructuring as Core Rationale

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. The transaction structure—in which Adani assumes Ozone's liabilities alongside its asset base—reflects a broader strategy within the Adani Group to consolidate stressed real estate assets at favorable valuations.

Adani Realty's Expansion Playbook

Adani Realty has been developing residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune, and Gurugram. The company has positioned itself as a consolidator in India's fragmented real estate market, combining government redevelopment contracts with acquisitions of distressed developers. 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.

The billionaire's firm is snapping up distressed construction companies and winning major redevelopment deals, including the high-stakes overhaul of the Dharavi slum, as part of a broader Mumbai-focused expansion. Adani Realty is now one of the country's largest property players and is worth about $1.5 billion.

Status of Discussions

No final decision has been reached, and the discussions could still fall apart, according to people familiar with the matter. Neither Adani nor Ozone representatives had publicly commented on the proposal at the time of reporting.