Embassy Group

{{short description|Privately-held real estate developer based in Bengaluru, India}}

{{More citations needed|date=June 2021}}

{{Use dmy dates|date=September 2018}}

{{Use Indian English|date=September 2018}}

{{Infobox company

| name = Embassy Group

| logo = Embassy_Group_Logo.png

| industry = Real estate

| location = Bengaluru, Karnataka, India

| foundation = 1993

| num_employees = 473

| homepage = {{URL|https://www.embassygroup.com/|embassygroup.com}}

}}

Embassy Group or Embassy Property Developments Pvt. Ltd is an Indian real estate developer based in Bengaluru, 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 Indian cities such as Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum, and two countries overseas (Serbia and Malaysia).{{Cite web|date=2020-01-22|title=Embassy Group to invest Rs 2,000 crore in 6 cities to set up co-living business|url=https://www.hindustantimes.com/real-estate/embassy-group-to-invest-rs-2-000-crore-in-6-cities-to-set-up-co-living-business/story-FpzaidKxR9fq2tfQBDe9sM.html|access-date=2020-06-25|website=Hindustan Times|language=en}} Embassy Group is headed by Jitu Virwani, Chairman & Managing Director of the group.{{cite web|url=http://www.track2realty.track2media.com/2017-defining-year-bright-prospects-2018-jitu-virwani/|title=2017 a defining year; bright prospects in 2018: Jitu Virwani - Track2Realty|date=28 December 2017|publisher=}}{{cite web|url=http://www.forbesindia.com/article/real-estate-special/jitu-virwani-the-workspace-meister/43151/1|title=Jitu Virwani: The workspace meister - Forbes India|website=Forbes India}}{{cite web|url=http://www.forbesindia.com/richprofile2016/jitendra-virwani/1557/151|title=Jitendra Virwani - Forbes India Magazine|website=Forbes India}} Embassy also operates a real estate investment trust (REIT), called Embassy Office Parks REIT, which is the first listed REIT in India and Asia's largest office REIT by area.{{Cite web |last=Shenoy |first=Sonia |date=2022-04-29 |title=Embassy Office Parks results: Company delivers on enhanced guidance, sees good demand across board |url=https://www.cnbctv18.com/earnings/embassy-office-parks-results-company-delivers-on-enhanced-guidance-sees-good-demand-across-board-13327452.htm |access-date=2022-05-04 |website=cnbctv18.com |language=en}}

History

In 2024, India's securities regulator SEBI directed Embassy Office Parks Management Services (the manager of Embassy Office Parks REIT Ltd) to suspend Aravind Maiya as CEO after an investigation by the National Financial Reporting Authority (NFRA) found "serious lapses" and financial mismanagement by Maiya when he was an auditor for Coffee Day Enterprises in 2018–19.{{cite news |title=Embassy REIT Chief Aravind Maiya steps down after SEBI directive; regulator orders immediate appointment of interim CEO |url=https://www.livemint.com/companies/news/embassy-reit-chief-aravind-maiya-steps-down-following-sebi-directive-interim-ceo-to-be-appointed-11730774586749.html |access-date=26 November 2024 |publisher=Mint}} After some resistance, Maiya stepped down as CEO and was instead appointed as the Head of Strategy.{{cite news |last1=Krishnan |first1=Janaki |title=Embassy REIT units fall as Maiya steps down as CEO |url=https://www.thehindubusinessline.com/markets/embassy-reit-units-fall-as-maiya-steps-down-as-ceo/article68832084.ece |access-date=11 March 2025 |work=BusinessLine |date=5 November 2024 |language=en}}

In December 2024, Embassy REIT raised ₹1,000 crore through debt refinancing.{{Cite web |date=Dec 17, 2024 |title=Embassy REIT raises Rs 1,000 crore through debentures to repay existing loans |url=https://www.moneycontrol.com/news/business/embassy-reit-raises-rs-1-000-crore-through-debentures-to-repay-existing-loans-12892075.html |website=Moneycontrol}}

Projects

=Commercial=

  • Manyata Embassy Business Park, Bengaluru{{cite web|url=http://www.livemint.com/Money/Y8e2fDVC2oIkC2kINtmYyM/Embassy-Office-Parks-first-to-get-Sebis-REIT-registration.html|title=Embassy Office Parks first to get Sebi's REIT registration|first=Madhurima|last=Nandy|date=28 July 2017|publisher=}}
  • Embassy Tech Zone, Pune

File:Embassy Tech Village.jpg|Embassy TechVillage, Bangalore

File:Embassy GolfLinks Business Park.jpg|Embassy GolfLinks Business Park, Bangalore

File:Embassy TechZone, Pune.jpg|Embassy TechZone, Pune

File:Embassy Splendid Tech Zone Pallavaram.jpg|Embassy Splendid TechZone, Chennai

References

{{reflist}}