Embassy Developments Appoints Jitendra Virwani as Chairman, Aditya Virwani as Managing Director; Approves Strategic Expansion Plans

New Delhi, March 4: Leading real estate firm Embassy Developments Ltd has announced significant leadership changes with the appointment of Jitendra Virwani as Chairman and Aditya Virwani as Managing Director, strengthening its executive team ahead of planned expansion initiatives.

In a regulatory filing issued on Tuesday, Embassy Developments confirmed that its Board of Directors approved the elevation of Jitendra Virwani to Chairman of the Board, alongside appointing his son, Aditya Virwani, as the new Managing Director. Sachin Shah will continue to serve as the company's Chief Executive Officer and Executive Director, while Rajesh Kaimal has been appointed as Chief Financial Officer and Executive Director.

Embassy Developments Eyes Significant Expansion in Bengaluru​

Highlighting the company's ambitious growth trajectory, newly-appointed Managing Director Aditya Virwani stated, "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."

Reflecting this strategic vision, the company's board has approved a series of growth-oriented initiatives and corporate actions, including major acquisitions in Bengaluru.

Strategic Acquisitions Planned for North Bengaluru​

Embassy Developments proposes to acquire assets worth ₹559 crore from the Promoter Group, marking a significant step in its expansion strategy:

• ₹455 crore acquisition for 100% equity in an entity controlling approximately 1.3 million square feet of luxury residential development potential in North Bengaluru.
• Additional investment of ₹104 crore to acquire a 9.5-acre land parcel with a development potential of 0.2 million square feet of plotted residential space in North Bengaluru.

The board has also approved an enabling resolution to raise ₹2,000 crore via a Qualified Institutional Placement (QIP), further bolstering its financial capabilities for upcoming projects.

Embassy's Expanding Pan-India Footprint​

Embassy Developments Ltd is renowned for its extensive real estate projects spanning residential, commercial, and Special Economic Zone (SEZ) segments. With a strategic focus on key markets such as Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the firm also maintains a significant presence in cities like Chennai, Jodhpur, Vadodara, Vizag, and Indore.

These recent leadership appointments and growth initiatives underscore Embassy Developments' commitment to strengthening its market position across India’s rapidly evolving real estate landscape.