Bangalore-based real estate firm Embassy Group is looking to divest nearly a third of its stake to raise Rs 5,000 crore to fund its growth across several verticals in India, including hospitality.
With the backing of global private equity major Blackstone for its commercial property venture, Embassy has lined up investments of Rs 4,500 crore over the next few years in building new offices, growing its hotel business ten folds and setting up warehouses and factories for global players and e-commerce firms.
"We have a good commercial portfolio which is good for the investors also. Instead of debt, I would rather take equity and allow investors an opportunity to make money," Jitu Virwani, chairman of Embassy Group, told the Business Standard.
Embassy currently controls 150 hotel rooms in India (a single Hilton in Bangalore) and plans to grow this number to more than 1,500 by adding four new properties in Bangalore, both five-star and budget category with convention centers.