Embassy Sells 25 Acres to Lam Research for Rs 1125cr

New Delhi, Mar 20 (PTI) Real estate company Embassy Developments has agreed to sell a 25-acre land parcel in Bengaluru to semiconductor equipment maker Lam Research (India) for Rs 1,125 crore.

In a statement on Thursday, Embassy Developments Ltd (EDL), through its wholly-owned subsidiary Embassy East Business Park, has signed definitive agreements with Lam Research (India) Pvt Ltd to sub-lease and subsequently divest, upon receipt of required regulatory approvals, about 25 acres in Whitefield, Bengaluru.

The transaction is valued at Rs 1,125 crore and is subject to necessary regulatory approvals.

Aditya Virwani, Managing Director, Embassy Developments said, "Bengaluru remains a top choice for global corporations, and this transaction reaffirms EDL's capability to unlock value through strategic asset monetisation. The proceeds from this sale will be reinvested into high-growth opportunities, strengthening our development pipeline and delivering sustained value to our stakeholders."

Bengaluru-based 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.