Embassy Developments Appoints New Chairman & MD

New Delhi, Mar 4 (PTI) Realty firm Embassy Developments Ltd has appointed Jitendra Virwani as its Chairman and Aditya Virwani as the new Managing Director.

In a regulatory filing on Tuesday, Embassy Developments informed that the Board of Directors has approved the appointment of Jitendra Virwani as Chairman of the Board and his son Aditya Virwani as Managing Director of the company.

Sachin Shah will continue as Chief Executive Officer and Executive Director, alongside Rajesh Kaimal appointed as Chief Financial Officer and Executive Director.

Aditya Virwani said, "Embassy Developments 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."

In line with its expansion strategy, Embassy Developments' board has approved a series of growth initiatives and corporate actions.

The company proposes to acquire assets from Promoter Group for Rs 559 crore. This includes 100 per cent equity acquisition of entity holding around 1.3 million (13 lakh) square feet luxury residential development potential in North Bengaluru for Rs 455 crores in cash.

It also plans to acquire 9.5-acre land parcel with 0.2 million sq ft of plotted residential development potential in North Bengaluru for Rs 104 crore in cash.

The Board also approved an enabling resolution for Rs 2,000 crore Qualified Institutional Placement (QIP).

Embassy Developments Ltd is one of India's leading real estate developers, specialising in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities.

With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore.