Real estate developer Ozone Group is in talks with Japanese and North American private equity players to raise Rs 2,000 crore for its two township projects in Bangalore and Chennai.
The company will divest around 26%per cent stake in its township projects.
“We are in an advanced stage of discussion with the next 60 days. There is good interest from funds due to the good track record of township projects,” said A Vasudevan CMD Ozone Group.
However, he did not share the names of the funds due to non disclosure agreement.
The company will use a part of the sum raised to repay some of its debt obligations.
Ozone Urbana, a 200 acre project that’s coming up in northern Bengaluru will have residences, offices, a hotel and homes for the old while Ozone Greens, a 45 acre project in Chennai, will house residential and commercial buildings.
The Bengaluru-headquartered real estate firm currently has three large township projects under construction across Chennai and Bangalore.
“There are 15,000 units across three township projects that are either under planning or development stage. We have already sold 8,000 units across these projects, ” said Vasudevan.
Last year, it raised Rs 500 crore against the commercial project in Chennai from Goldman Sachs.
The Ozone Group, which is backed by Urban Infrastructure Venture Capital now also plans to focus on development of large township projects of 140 acre and above in Bengaluru, Chennai, Goa and premium development in Mumbai.
