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Embassy Developments Limited, formed after the merger of Equinox India Developments Ltd and Nam Estates Pvt Ltd, has restructured its leadership and set a target gross development value (GDV) of INR 15,000 crore over the next 4-6 years. The company plans to launch 7.7 million square feet of residential assets in FY 2026 across MMR, Bengaluru, and Chennai, with an aim to bolster its market position. It has also announced acquisitions worth INR 559 crore, including a luxury residential development and a land parcel in North Bengaluru. To further its growth initiatives, it has passed an enabling resolution for a INR 2,000 crore Qualified Institutional Placement (QIP) and introduced an Employee Stock Option Plan (ESOP) worth INR 4.5 crore.
Embassy Developments Limited, the newly established entity following the merger of Equinox India Developments Ltd and Nam Estates Pvt Ltd, has restructured its leadership to drive growth, setting a target gross development value (GDV) of INR 15,000 crore over the next 4-6 years. Advertisement
Following the approval of the merger scheme between Equinox India Developments Ltd and Nam Estates Pvt Ltd by the National Company Law Appellate Tribunal, Embassy Group has become the new promoter, holding a controlling stake of 41.4%. The merger was successfully implemented, and the entity has been officially renamed Embassy Developments Limited.
The company has outlined plans to introduce 7.7 million square feet of residential assets in FY 2026 across key markets, including MMR, Bengaluru, and Chennai. This initiative is expected to strengthen its foothold in the residential sector and contribute towards achieving its GDV objectives. Additionally, some projects that were previously stalled due to the delayed merger will now be revived.
As part of its leadership restructuring, Jitendra Virwani has been appointed as Chairman, while Aditya Virwani has taken on the role of Managing Director. The executive team also includes Sachin Shah, who will continue as CEO and Executive Director, and Rajesh Kaimal, who has been named CFO and Executive Director. Furthermore, G. Krishnamurthy, the former Independent Chairman, will remain on the board as an Independent Member.
Embassy Developments Limited represents the group's flagship platform, encompassing 45 million square feet of residential and commercial saleable and leasable area, along with a landbank exceeding 3,000 acres.
Recently, the company disclosed asset acquisitions amounting to INR 559 crore from its promoter group. This includes a complete equity acquisition of Squadron Developers (SDPL) with approximately 1.3 million square feet of luxury residential development potential in North Bengaluru for INR 455 crore in cash. Additionally, it has procured a 9.5-acre land parcel with development potential of 0.2 million square feet for INR 104 crore in cash for plotted residential development. It will serve as an extension to its Embassy Springs development.
To enhance its financial flexibility, the company had recently approved an enabling resolution for a INR 2,000 crore Qualified Institutional Placement (QIP) to support its growth plans and optimise its capital structure. Furthermore, an Employee Stock Option Plan (ESOP) worth INR 4.5 crore has been introduced to attract and retain top-tier talent vital to the company's future.
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