FILE PHOTO: A person walks out of a WeWork house in the Manhattan borough of New York City, New York, U.S., October four, 2019. REUTERS/Carlo Allegri/File Photo
(Reuters) – WeWork India, operated by actual property developer Embassy Group, noticed talks to raise $100 million from Indian lender ICICI Bank break down following dangerous sentiment from the We Company’s botched preliminary public providing and now the agency is in early discussions to raise $200 million in contemporary funding from new traders, stated Indian actual property tycoon and billionaire Jitu Virwani.
Separately, Embassy Group, which is managed by Virwani, plans to divest a few of its property and raise roughly Rs. 4000 crore ($563 million) and use an excellent chunk of these proceeds to make investments in WeWork India, if the talks to raise funding from new traders are unsuccessful, Virwani stated on Thursday.
“Even if we have to put all that money (Rs. 4000 crore)… to grow WeWork India, we will continue,” stated Virwani. His son Karan Virwani heads WeWork India.
Embassy additionally indicated that the talks to promote the stake to the We Company have now been delayed due to the struggles that the corporate is at the moment dealing with amid its aborted public flotation and founder Adam Neumann’s determination to step down as chief government officer.
Reporting by Anirban Sen; Editing by Bernard Orr