Real estate company Embassy Developments Ltd has appointed Jitendra Virwani as its chairman and Aditya Virwani as the new managing director.
In a regulatory filing on March 4, Embassy Developments informed that the Board of Directors has approved the appointment of Jitendra Virwani as Chairman of the Board and his son Aditya Virwani as Managing Director of the company.
KG Krishnamurthy, previous Independent Chairman to remain as Independent Member of the Board, the company said.
Sachin Shah will continue as Chief Executive Officer and Executive Director, alongside Rajesh Kaimal appointed as Chief Financial Officer and Executive Director, it said
Embassy Developments Limited is the newly formed entity following the merger of Equinox India Developments Ltd and Nam Estates Pvt Ltd.
Commenting on the appointment, Aditya Virwani, Managing Director said, “I am delighted to take on this role at such a pivotal moment for EDL. Embassy has always been a pioneer in Indian real estate – launching India’s first listed REIT, institutionalising the co-working sector, and setting the benchmark for luxury residential projects across gateway markets. EDL represents our flagship development platform with 45 million square feet of residential and commercial saleable and leasable area, and over a 3,000-acre landbank. I look forward to working with such a talented and dedicated team to build a truly pan-India real estate powerhouse.”
Other announcements
The company also proposes to acquire assets from Promoter Group for ₹559 crore. This includes 100 per cent equity acquisition of entity holding around 1.3 million (13 lakh) square feet luxury residential development potential in North Bengaluru for ₹455 crores in cash, the company said in the regulatory filing.
{{/usCountry}}The company also proposes to acquire assets from Promoter Group for ₹559 crore. This includes 100 per cent equity acquisition of entity holding around 1.3 million (13 lakh) square feet luxury residential development potential in North Bengaluru for ₹455 crores in cash, the company said in the regulatory filing.
{{/usCountry}}It also plans to acquire 9.5-acre land parcel with 0.2 million sq ft of plotted residential development potential in North Bengaluru for ₹104 crore in cash.
The Board also approved an enabling resolution for ₹2,000 crore Qualified Institutional Placement (QIP).
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.
The company has projects in Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR) and a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore.
(With inputs from PTI)