WeWork India had posted a turnover of Rs 1,400 crore throughout the 2022-23 fiscal yr.
WeWork World, which has filed for chapter within the US, is in talks with potential buyers to promote its whole 27 per cent stake in WeWork India
Co-working agency WeWork World, which has filed for chapter within the US, is in talks with potential buyers to promote its whole 27 per cent stake in WeWork India to monetise its investments, sources stated.
Bengaluru-based actual property agency Embassy Group, which holds the remaining 73 per cent stake in WeWork India, may additionally dilute some shareholdings to boost funds, they added.
WeWork India, which began operations in 2017, has over 8 million sq. toes of property signed throughout 54 areas in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad.
WeWork India had posted a turnover of Rs 1,400 crore throughout the 2022-23 fiscal yr.
In June 2021, WeWork World invested USD 100 million in WeWork India to select a 27 per cent stake. The investments helped Indian enterprise to tide over the monetary difficulties throughout the COVID pandemic, which had severely affected the workplace market.
When contacted, WeWork India CEO Karan Virwani declined to remark.
Sources stated, WeWork India will proceed to make use of the ‘WeWork’ model even when WeWork World sells its whole stake and exits from the India enterprise. WeWork India pays some charges to make use of the model title.
In November final yr, WeWork World filed for chapter within the US and likewise began a complete reorganization and restructuring course of to chop debt and strengthen its steadiness sheet.
NYSE-listed WeWork Inc had stated that its centres positioned exterior the US and Canada won’t be a part of this proceedings.
Softbank-backed WeWork Inc, which was based in 2010 and as soon as valued at USD 47 billion, had reported a web lack of USD 696 million within the first half of 2023.
WeWork India has been sustaining that the event within the US enterprise wouldn’t influence Indian operations in any method.
“WeWork India operates independently of WeWork World, and our operations won’t be affected in any method,” Virwani had stated.
“Throughout this era, we are going to proceed to carry the rights to make use of the model title as a part of the working settlement, whereas serving our members, landlords, and companions as ordinary,” he had asserted.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
