Bengaluru/ Mumbai, March 4, 2025 : Embassy Developments Limited (‘EDL’) is pleased to announce that the Board of Directors at its meeting on February 25, 2025, approved the appointment of Jitendra Virwani as Chairman of the Board, and Aditya Virwani as Managing Director of the Company. K.G. Krishnamurthy, previous Independent Chairman to remain as Independent Member of the Board.
Aditya Virwani spearheads a
dynamic and experienced leadership team at one of India’s fastest growing real
estate companies, including Sachin Shah, who continues as Chief Executive
Officer and Executive Director, alongside Rajesh Kaimal appointed as Chief
Financial Officer and Executive Director.
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.”
Strategic Growth
Initiatives
In line with its expansion
strategy, EDL’s Board of Directors has approved a series of growth initiatives
and corporate actions, subject to shareholder’s approval:
1)
Asset
Acquisitions from Promoter Group for ₹559 crores
·
100%
equity acquisition of entity holding ~1.3 million square feet (msf) luxury
residential development potential in North Bengaluru for ₹455 crores in cash
·
9.5-acre
land parcel with 0.2 msf of plotted residential development potential in North
Bengaluru (extension to its marquee Embassy Springs development) for ₹104
crores in cash
2)
Enabling
Resolution for ₹2,000 Crore Qualified Institutional Placement (QIP)
·
Strengthening
financial flexibility to fund growth initiatives and optimize capital structure
prudently
3)
Launch
of a ~₹4.5 crore Employee Stock Option Plan
·
A
robust incentive plan to attract and retain top-tier talent critical to the
company’s success
4)
Strengthened
Leadership Team
·
Vikas
Khandelwal appointed as Company Secretary and Group Chief Compliance Officer
·
Shailendra
Subbaraya appointed as Chief Operating Officer – South
·
Maria
Rajesh appointed as Chief Human Resources Officer
Sachin Shah,
CEO & Executive Director said, “With the merger now complete, the Company is
fortunate to have Jitendra as its Chairman and Promoter and Aditya as its
Managing Director. Jitendra’s exceptional execution capabilities in India’s
real estate business remain unmatched. EDL is primed for significant growth,
with eight new project launches in FY 2026 spanning 7.7 msf and a gross
development value of ₹15,000 crores. We are assembling a best-in-class team and
optimizing our capital structure to capitalize on market opportunities. This is
an exciting time for our company, and we are committed to creating long-term
value for our customers and shareholders.”
Extraordinary General Meeting (EGM) Announcement
The Board of Directors has
scheduled an EGM on March 25, 2025, to seek shareholder approval for the asset
acquisitions and other corporate actions. Embassy Group will abstain from
voting on all related-party transactions to ensure the highest standards of
corporate governance.
With a sharpened leadership
team, robust corporate governance framework, and a strategic roadmap for
expansion, EDL is poised to redefine India’s real estate landscape under the
iconic Embassy Brand.
About Embassy
Developments Limited
Embassy
Developments Limited is one of India’s leading real estate developers,
specializing in the construction and development of residential, commercial,
and Special Economic Zone (SEZ) projects across Indian cities. With a strategic
focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National
Capital Region (NCR), the company also has a presence in Chennai, Jodhpur,
Vadodara, Vizag, and Indore. EDL boasts a diversified residential portfolio,
offering a well-balanced mix of high-value and high-volume developments across
mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and
future residential developments includes branded residences, uber-luxury
villas, exclusive villaments, sky condominiums, integrated townships, senior
living communities, and contemporary homes. Committed to building a resilient
ecosystem, the company actively fosters social, economic, and environmental
progress in the communities it serves. EDL is listed on BSE Limited (BSE) and
the National Stock Exchange of India Limited (NSE) and holds a long-term debt
rating of IVR A- Stable from Infomerics.
Following
recent approval of the merger scheme between Equinox India Developments Ltd and
Nam Estates Pvt Ltd, by the Hon’ble National Company Law Appellate Tribunal
(NCLAT) on January 7, 2025, Embassy Group has become the new promoter with a
41.4% controlling stake. The merger was successfully implemented with effect
from January 24, 2025, and the company has been officially renamed as Embassy
Developments Limited as of February 13, 2025.
Annexures: Bios
Jitendra
Virwani
Jitendra Virwani is the
Chairman and Managing Director of Embassy Group, helming the organisation since
1993. Under his leadership, Embassy has grown to 85 msf across commercial,
residential, hospitality, services, retail, and education sectors, with a
presence in key Indian and international markets including Bengaluru, Mumbai,
Pune, NCR, and Serbia. Jitendra played a key role in launching India’s first
publicly listed and Asia’s largest REIT by area. He oversees Embassy’s 53 msf
residential portfolio, offering diverse living options including branded
residences, luxury villas, sky condominiums, and senior living. In 2017, he
introduced WeWork to India, which now has over 100,000 desks across 60+
locations in eight cities. In 2024, he was appointed WeWork India’s
Non-Executive Chairman. Jitendra is a fellow of the Royal Institution of
Chartered Surveyors.
Aditya
Virwani
Mr. Aditya Virwani was mentored
by Embassy Group Chairman and his father, Mr. Jitendra Virwani, before he took
on the role as Group Chief Operating Officer. As a key decision maker for
Embassy Group, he has been a board member of Embassy Office Parks REIT since
its IPO and several other operating companies of Embassy Group. Focused on
growing the Group's core strengths while entering new asset classes within real
estate, he has been instrumental in steering its business operations in
Bengaluru and Chennai, driving strategic initiatives, and leading several
deals. He was also a member of the leadership team that successfully achieved
the listing of India’s first REIT, which has a market cap of INR 35,000 crores.
He is actively involved in the CSR activities of the Embassy Group, which are
focused on education and sustainable initiatives. He has a bachelor’s degree
from the University of San Francisco and holds a bronze Duke of Edinburgh
Award.
Sachin Shah
Sachin Shah has 24 years of
experience in real estate investments and development in India and overseas. He
was the Chief Investment Officer of Embassy REIT, India’s first and largest
commercial REIT, where he helped take the company public in 2019, raising over
$1.2 billion. Before that, he founded and led Samsara Capital, managing funds
for U.S. and U.K. investors in Indian real estate. He also worked with Starwood
Capital Group in the U.S. from 2001 to 2006 under Barry Sternlicht, last
serving as Vice President-Acquisitions. Earlier, he worked at the Blackstone
Group and Salomon Smith Barney's M&A Group in New York. Since joining the
Company’s Board as Executive Director in February 2023, he has overseen
day-to-day operations, led a major reorganisation that enhanced governance,
reporting, and transparency. Mr. Shah holds a Bachelor of Science from Babson
College (summa cum laude) and an MBA from Harvard Business School (Class of
2001).
Rajesh Kaimal
Rajesh Kaimal brings over
30 years of expertise in financial planning, treasury, fundraising, project
financing, taxation, business development, and digital transformation. Before
joining Embassy, Rajesh spent 17 years with the Manipal Group, where he played
a vital role in expanding educational institutions in India and abroad,
including campuses in Bengaluru, Dubai, Malaysia, and Antigua. As Chief
Financial Officer of Embassy Group, he was instrumental in the successful
listing of India’s first REIT and raised over INR 17,000 crore from diverse
investors. He facilitated the sales of Embassy Tech Village to Embassy REIT and
Embassy Industrial Parks to Blackstone India. Overseeing the Group’s digital
transformation, he implemented SAP and advanced solutions like Salesforce,
Ariba, and Power BI. Rajesh holds a bachelor’s degree in commerce from K. J.
Somaiya College, Mumbai, and an MBA in Finance from the Institute of Technology
& Management, Mumbai.