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 plan to move all the office parks owned by the Embassy Group into one separate vertical, this will not include the JV partner’s assets.
The company plans to utilize the money raised for future projects and expand the office business. They have 24-million sft of leased and under construction properties. The company’s commercial shareholding, excluding JV partners, is 12.9-million sft.
Read More: Economic Times
