Mumbai, 4th March 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
1) Enabling Resolution for ₹2,000 Crore Qualified Institutional Placement (QIP)
· Strengthening financial flexibility to fund growth initiatives and optimize capital structure prudently
2) 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
3) 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.
