Embassy Developments sells 25-acre land to Lam Research (India) for ₹1125 crore

Embassy Developments Ltd (EDL) has agreed to sell a 25-acre land parcel in Bengaluru to Lam Research (India) for ₹1,125 crore, the company said.

Embassy Developments Ltd (EDL), through its wholly owned subsidiary Embassy East Business Park Pvt Ltd, has agreed to sell a 25-acre land parcel in Bengaluru to semiconductor equipment maker Lam Research (India) for ₹1,125 crore, the company said in a statement.

Embassy Developments Ltd (EDL), through its wholly owned subsidiary Embassy East Business Park Pvt Ltd, has agreed to sell a 25-acre land parcel in Bengaluru to semiconductor equipment maker Lam Research (India) for ₹1,125 crore, the company said in a statement. (Picture for representational purposes only)(Pexels)

In a statement on March 20, Embassy Developments Ltd (EDL), through its wholly-owned subsidiary Embassy East Business Park, has signed definitive agreements with Lam Research (India) Pvt Ltd to sub-lease and subsequently divest, upon receipt of required regulatory approvals, about 25 acres in Whitefield, Bengaluru.

The transaction is valued at ₹1,125 crore and is subject to necessary regulatory approvals.

“This landmark transaction strengthens Bengaluru’s position as a global technology and innovation hub and further reinforces its appeal as a preferred destination for high-tech investments. This engagement between EDL and a global semiconductor bellwether reflects the growing demand for world class commercial infrastructure that caters to the evolving needs of cutting-edge industries,” the company said.

"We are delighted to partner with one of the world’s foremost semiconductor companies in this milestone transaction. Bengaluru remains a top choice for global corporations, and this transaction reaffirms EDL’s capability to unlock value through strategic asset monetisation. The proceeds from this sale will be reinvested into high-growth opportunities, strengthening our development pipeline and delivering sustained value to our stakeholders," said Aditya Virwani, Managing Director, Embassy Developments Ltd.

The transaction is subject to necessary regulatory approvals, the company said in a statement.

Bengaluru-based Embassy Developments Ltd is one of India's leading real estate developers, specialising in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities.