Adani Realty, the luxury residential and commercial property arm of billionaire Gautam Adani, is in advanced talks for a merger with Mumbai-based DB Realty.
DB Realty has a portfolio comprising over 100million sq.ft and 628 acers of prime property, mostly in Mumbai.
DB Realty is a listed company and after the merger it would be renamed as Adani Realty, the sources said.
Adani is likely to infuse more funds into DB Realty, which would do a fresh equity issuance to the new investor.
This comes after DB Realty’s talks with Godrej Properties did not make any headway.
DB Realty requires major funds infusion for its ongoing high-end projects and hence Adani Realty is said to be a suitor.
Currently, Adani Realty has three high end projects in Mumbai, which includes an ongoing site at Ghatkopar.
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