Piramal Finance Pvt. Ltd, which houses the entire financial services business of the Piramal Group, has lent Rs450 crore to a joint venture between Bengaluru-based developer Embassy Group and Hyderabad’s Phoenix Group, which is developing three special economic zones (SEZs) in Hyderabad, company executives said. The money has been given in the form of construction… Read More »
Embassy Industrial Parks, a joint venture between realty developer Embassy Group and private equity firm Warburg Pincus, will invest Rs 350 crore to build a 1.1-million sq ft industrial park at Chakan, Pune. The project will mainly comprise built-to-suit factories ranging from 50,000 sq ft to 2 lakh sq ft in size, Embassy Industrial Parks’… Read More »
Flipkart has decided not to take up 40% of the office space in its new campus in Embassy tech village in Bengaluru even as the country’s biggest ecommerce company looks to cut costs and reduce losses, said multiple people aware of the matter. Flipkart, which is undergoing a restructuring drive, will now take 1.2 million sq… Read More »
Singapore’s DBS Bank Ltd is close to leasing nearly 100,000 sq. ft at Express Towers, a 25-storeyed building in Mumbai’s Nariman Point, in one of the biggest office space deals in the business district since the 2008 global financial crisis that prompted many corporates to leave the locality. The bank is close to signing the lease… Read More »
Property developer Embassy Group has emerged as the exclusive co-developer for setting up a 30-acre special economic zone to come up in the city, the company said today. The project, a 30-acre SEZ property, on Thoraipakkam Pallavaram Radial Road in Chennai would be known as “Embassy Splendid TechZone”, it said. The first phase of the project is… Read More »
Realty major Embassy Group, owners of the biggest business parks in the city, is in advanced talks to buy a 12-acre land parcel near Hebbal from drug maker AstraZeneca for Rs 290 crore, people directly familiar with the matter, said. Billionaire Jitu Virwani-led Embassy is expected to pay Rs 24 crore per acre to acquire the… Read More »
Distressed office assets are emerging across cities, throwing up opportunities for large developers backed by private equity (PE) funds to buy into incomplete or stalled office projects, special development enclaves or undeveloped land, a trend that has played out in the residential sector in recent years. Bengaluru-based Embassy Group is buying out a 60% stake in… Read More »
Microsoft is scouting for 1.1 million sq ft office space in Bengaluru to consolidate and expand its business in India as part of chief executive Satya Nadella’s plans to tap into the local market and engineering talent. The American technology company has already looked at properties in Embassy GolfLinks and North Bengaluru but is yet to… Read More »
WeWork, co-founded by Adam Neumann and Miguel McKelvey, is planning to enter India and is in talks with Bengaluru-based developer Embassy Group for a joint venture. It is valued at $15 billion recently and is a provider of shared office space to small businesses and entrepreneurs. It takes up office space from developers and landlords and then rents it… Read More »
Real estate developer Embassy Group plans to divest 30% in its office business to raise Rs 4,500 crore. Jitu Virwani, Chairman and MD at Embassy Group says that they are already in talks with institutional investors and hoping to close the transaction soon. 80% of the company’s overall revenue is contributed by Office portfolio. They now… Read More »