Mumbai: Embassy Developments Limited (EDL) has announced a series of key leadership appointments and growth initiatives that will propel the company into its next phase of development. At its Board meeting held on February 25, 2025, the company approved the appointment of Jitendra Virwani as Chairman of the Board and Aditya Virwani as Managing Director. K.G. Krishnamurthy, the former Independent Chairman, will remain on the Board as an Independent Member.
With this strategic leadership reshuffling, Aditya Virwani takes the reins at the helm of one of India’s fastest-growing real estate companies. Alongside him, Sachin Shah continues in his role as CEO and Executive Director, while Rajesh Kaimal has been appointed as Chief Financial Officer (CFO) and Executive Director.
Aditya Virwani, Managing Director of EDL, shared, “I am delighted to take on this role at such a pivotal moment for EDL. Embassy has always been a pioneer in Indian real estate – launching India’s first listed REIT, institutionalizing the co-working sector, and setting the benchmark for luxury residential projects across gateway markets. EDL represents our flagship development platform, with 45 million square feet of residential and commercial saleable and leasable area and over a 3,000-acre land bank. I look forward to working with such a talented and dedicated team to build a truly pan-India real estate powerhouse.”
Strategic Growth Initiatives
As part of its robust growth strategy, EDL’s Board of Directors has approved several key initiatives, subject to shareholder approval. These initiatives are set to drive both short-term and long-term growth for the company:
Asset Acquisitions from Promoter Group for ₹559 crores
A 100% equity acquisition of an entity holding ~1.3 million square feet (msf) luxury residential development potential in North Bengaluru for ₹455 crores in cash.
A 9.5-acre land parcel with 0.2 msf of plotted residential development potential in North Bengaluru, expanding its marquee Embassy Springs development, for ₹104 crores in cash.
Qualified Institutional Placement (QIP) of ₹2,000 Crore
EDL aims to enhance its financial flexibility to fund growth initiatives and optimize capital structure prudently.
Launch of Employee Stock Option Plan (ESOP) Worth ₹4.5 Crore
Aimed at attracting and retaining top-tier talent, the ESOP will incentivize employees as part of the company’s long-term growth strategy.
Leadership Team Strengthening
Vikas Khandelwal has been appointed as Company Secretary and Group Chief Compliance Officer.
Shailendra Subbaraya has been appointed as Chief Operating Officer – South.
Maria Rajesh has been appointed as Chief Human Resources Officer.
Sachin Shah, CEO & Executive Director of EDL, commented, “With the merger now complete, the Company is fortunate to have Jitendra as its Chairman and Aditya as its Managing Director. Jitendra’s exceptional execution capabilities in India’s real estate business remain unmatched. EDL is primed for significant growth, with eight new project launches in FY 2026 spanning 7.7 msf and a gross development value of ₹15,000 crores. We are assembling a best-in-class team and optimizing our capital structure to capitalize on market opportunities. This is an exciting time for our company, and we are committed to creating long-term value for our customers and shareholders.”
The Board of Directors has scheduled an Extraordinary General Meeting (EGM) on March 25, 2025, to seek shareholder approval for the asset acquisitions and other corporate actions. Embassy Group will abstain from voting on all related-party transactions to ensure the highest standards of corporate governance.
