Embassy Group

Embassy Group
IndustryReal estate
Founded1993
HeadquartersBengaluru, Karnataka, India
Number of employees
473
Websiteembassyindia.com

Embassy Group or Embassy Property Developments Pvt. Ltd is a privately held real estate developer based in Bengaluru, Karnataka, India established in 1993. The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education. The company has developed projects in many Indian cities like Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum etc. and two countries abroad (Serbia and Malaysia).[1] Embassy Group is headed by Jitu Virwani, Chairman & Managing Director of the group.[2][3][4] Embassy also operates a real estate investment trust (REIT), called Embassy Office Parks REIT.[5] Embassy Office Parks is the first listed REIT in India and the Asia's largest office REIT by area.[5]

Funding

  • December 2024 - Embassy REIT successfully raised ₹1,000 crore through debt refinancing, aiming to strengthen its financial position and improve operational efficiency.[6]

Projects

Commercial

  • Embassy TechVillage, Bangalore
    Embassy TechVillage, Bangalore
  • Embassy GolfLinks Business Park, Bangalore
    Embassy GolfLinks Business Park, Bangalore
  • Embassy TechZone, Pune
    Embassy TechZone, Pune
  • Embassy Splendid TechZone, Chennai
    Embassy Splendid TechZone, Chennai

Controversies

Embassy REIT

In November 2024, securities regulator SEBI pulled up Embassy Office Parks REIT Ltd for appointing a Aravind Maiya as CEO even though even though he had been found guilty for fraud earlier in the year. [8] After some resistance, to comply with SEBI's order, Embassy REIT eventually asked Aravind Maiya to step down from his position as CEO and instead appointed him as the Head of Strategy. This caused some controversy and the company was thought to have bypassed SEBI's order following it to the letter but not in principle.[9]


References

  1. ^ "Embassy Group to invest Rs 2,000 crore in 6 cities to set up co-living business". Hindustan Times. 22 January 2020. Retrieved 25 June 2020.
  2. ^ "2017 a defining year; bright prospects in 2018: Jitu Virwani - Track2Realty". 28 December 2017.
  3. ^ "Jitu Virwani: The workspace meister - Forbes India". Forbes India.
  4. ^ "Jitendra Virwani - Forbes India Magazine". Forbes India.
  5. ^ a b Shenoy, Sonia (29 April 2022). "Embassy Office Parks results: Company delivers on enhanced guidance, sees good demand across board". cnbctv18.com. Retrieved 4 May 2022.
  6. ^ "Embassy REIT raises Rs 1,000 crore through debentures to repay existing loans". Moneycontrol. 17 December 2024.
  7. ^ Nandy, Madhurima (28 July 2017). "Embassy Office Parks first to get Sebi's REIT registration".
  8. ^ "Embassy REIT Chief Aravind Maiya steps down after SEBI directive; regulator orders immediate appointment of interim CEO". Mint. Retrieved 26 November 2024.
  9. ^ "Embassy REIT looks at a fraudster and says "I'll have that one"". Boring Money. Retrieved 26 November 2024.


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