Leadership Shake-Up: Embassy Developments Appoints New Chairman and MD

Embassy Developments Ltd has appointed Jitendra Virwani as Chairman and Aditya Virwani as Managing Director. In line with an aggressive expansion strategy, the firm aims for asset acquisitions totaling Rs 559 crore, including luxury residential projects in North Bengaluru, and a Rs 2,000 crore QIP.

In a strategic leadership shift, Embassy Developments Ltd has appointed Jitendra Virwani as Chairman and Aditya Virwani as Managing Director. The firm disclosed the appointments in a regulatory filing on Tuesday, highlighting changes that align with its expansion goals in the Indian real estate market.

The company has outlined plans for significant asset acquisitions, investing Rs 559 crore for luxury residential projects in North Bengaluru, including a complete equity acquisition of an entity with 1.3 million square feet of development potential for Rs 455 crore. Additionally, a 9.5-acre land parcel will be acquired for Rs 104 crore.

Further bolstering its growth strategy, Embassy's board has sanctioned a Rs 2,000 crore Qualified Institutional Placement. With its focus on areas like Bengaluru, MMR, and NCR, Embassy remains a prominent player in India's real estate sector, also expanding in cities such as Chennai, Jodhpur, Vadodara, Vizag, and Indore.

(With inputs from agencies.)