Embassy Developments Limited Announces Leadership Changes and Growth Initiatives
Mumbai: Embassy Developments Limited (EDL) has announced the appointment of Jitendra Virwani as Chairman and Aditya Virwani as Managing Director, effective immediately.
The company has also announced strategic growth initiatives, including asset acquisitions, fundraising plans, and leadership team changes. Sachin Shah will continue as CEO and Executive Director, while Rajesh Kaimal has been appointed as CFO and Executive Director.
Key Highlights:
- Asset Acquisitions: EDL will acquire assets from the promoter group for ₹559 crores, including a luxury residential development in North Bengaluru.
- Fundraising: The company plans to raise ₹2,000 crores through a Qualified Institutional Placement (QIP).
- Leadership Team: Vikas Khandelwal has been appointed as Company Secretary and Group Chief Compliance Officer, while Shailendra Subbaraya has been appointed as Chief Operating Officer – South.
- Employee Stock Option Plan: The company has launched a ₹4.5 crore Employee Stock Option Plan to attract and retain top talent.
Aditya Virwani, Managing Director, said, “I am delighted to take on this role at such a pivotal moment for EDL. We are poised to redefine India’s real estate landscape under the iconic Embassy Brand.”
Sachin Shah, CEO & Executive Director, added, “With the merger now complete, we are 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.”
