Embassy Developments Limited (EDL) has announced key leadership changes, appointing Aditya Virwani as Managing Director (MD) and Jitendra Virwani as Chairman of the Board. The decision was approved by the company’s Board of Directors as part of its strategic growth and expansion efforts.
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Leadership Reshuffle at Embassy Developments
Jitendra Virwani, a veteran in India’s real estate sector and a pivotal figure in Embassy Group’s success, will transition to the role of Chairman. Meanwhile, Aditya Virwani, previously serving as Chief Operating Officer (COO), has been elevated to Managing Director, bringing a fresh vision to one of India’s leading real estate developers.
Additionally, K.G. Krishnamurthy, who previously held the position of Independent Chairman, will remain on the Board as an Independent Member, ensuring continuity and governance oversight.
Speaking on his new role, Aditya Virwani stated:
“I am honored to take on this responsibility at such a transformative time for Embassy Developments. Our company has a legacy of pioneering real estate projects in India, from launching the country’s first listed REIT to setting new benchmarks in luxury residential developments. With a strong leadership team, we aim to expand our footprint and drive long-term value for our stakeholders.”
Strategic Initiatives and Expansion Plans
As part of its growth strategy, the EDL Board has approved several key corporate actions, subject to shareholder approval:
Asset Acquisitions Worth ₹559 Crore
A 100% equity acquisition of an entity with ~1.3 million sq. ft. of luxury residential development potential in North Bengaluru for ₹455 crore in cash.
A 9.5-acre land parcel, extending the Embassy Springs project, with 0.2 million sq. ft. of plotted residential development potential for ₹104 crore in cash.
₹2,000 Crore Qualified Institutional Placement (QIP)
Strengthening financial flexibility to fund expansion initiatives and optimize capital structure.
Launch of Employee Stock Option Plan (ESOP) Worth ₹4.5 Crore
Aimed at attracting and retaining top-tier talent to sustain business momentum.
Embassy Developments has also made key appointments to enhance its leadership structure:
- Vikas Khandelwal – Company Secretary & Group Chief Compliance Officer
- Shailendra Subbaraya – Chief Operating Officer – South
- Maria Rajesh – Chief Human Resources Officer
Sachin Shah, CEO & Executive Director, commented on the appointments:
“With this transition, we have a leadership team that blends experience with fresh perspectives. Under Aditya’s guidance as MD and Jitendra’s strategic oversight as Chairman, EDL is poised for significant expansion, with eight new project launches in FY 2026 spanning 7.7 million sq. ft. and a Gross Development Value of ₹15,000 crore.”
Upcoming Shareholders’ Meeting
The Board has scheduled an Extraordinary General Meeting (EGM) on March 25, 2025, to seek shareholder approval for the proposed acquisitions and corporate actions. To uphold governance standards, Embassy Group will abstain from voting on all related-party transactions.
Embassy Developments: A Market Leader in Indian Real Estate
Embassy Developments Limited is one of India’s premier real estate firms, known for its extensive portfolio spanning residential, commercial, and Special Economic Zone (SEZ) projects. With a land bank of over 3,000 acres and a 45 million sq. ft. saleable and leasable area, the company continues to drive innovation and excellence in the industry.
