About Embassy Developments Limited

Embassy Developments Limited (EDL), formerly known as Equinox India Developments Limited and earlier Indiabulls Real Estate Limited, is a publicly listed company engaged in property development and real estate projects across India. Incorporated in 2006, the Company has evolved significantly, with its most transformative milestone being the merger of NAM Estates Private Limited, an Embassy Group entity, effective January 24, 2025, pursuant to the sanction of the Hon’ble National Company Law Appellate Tribunal. This merger positioned EDL as the flagship development arm of the Embassy Group, supported by an experienced Board and a strong promoter group led by Mr. Jitendra Virwani and Mr. Aditya Virwani.

The Company’s operations now cover residential and commercial real estate development, with strategic presence in major urban centres including Bengaluru, Mumbai, and Gurugram. Following the merger, Embassy Developments Limited has consolidated its standing as a key player in Indian real estate, focusing on sustainable growth and long-term value creation for stakeholders.

Embassy Developments Limited Business Segments

The business verticals include:

• Commercial Real Estate: Over 54 million sq. ft. completed across business parks and office spaces.

• Residential Real Estate: More than 21 million sq. ft. delivered, including premium apartments, villas, and gated communities.

• Hospitality: A portfolio of hotels with 1,096 keys completed and 529 keys under development.

• WeWork India: Operates 59 centres with over 100,000 desks, serving corporates and start-ups.

• Services: Facilities management under Embassy Services, managing an AUM of 130 million sq. ft.
• Education: Includes Stonehill International School (IB curriculum) and Embassy Academy (CBSE).

• Leisure & Lifestyle: Five concept restaurants, an equestrian centre, and bespoke interior design services.

Embassy Developments Limited Key Management

• Mr. Sachin Shah – Chief Executive Officer & Executive Director
• Mr. Javed Tapia – Non-Executive & Independent Director
• Mr. Vikas Khandelwal – Company Secretary & Compliance Officer

Mr. Shah, a Harvard MBA with over two decades of real estate and investment experience, has been instrumental in restructuring, fund-raising, and steering the Company through its landmark merger with the Embassy Group.

Latest Updates on Embassy Developments Limited

• Merger with NAM Estates: Sanctioned in January 2025, making EDL the development flagship of Embassy Group.

• Preferential Allotment: Raised ~Rs 3,908 crore via equity and warrants, bringing in marquee investors such as Blackstone-managed funds.

• Project Acquisitions: Secured 100% ownership of its prime Blu project and entered into new residential projects like Embassy Bayview (Mumbai) and Embassy Astra/Sky Terraces (Bengaluru) under Development Management agreements, with combined estimated revenues of ~Rs 5,600 crore.

• Corporate Governance & Transparency: Undertook large-scale organisational restructuring, introduced professional management, and resolved litigations.

• Audit Appointments: Re-appointed M/s Agarwal Prakash & Co. as Statutory Auditors for 2025–30, and appointed M/s GDR & Partners LLP as Secretarial Auditors for 2025–30.