On Tuesday, the Competition Commission of India (CCI) gave WeWork Inc. permission to leave its local co-working unit, WeWork India Private Limited.
The CCI states that the following structures will be present at the exit. Actual Trustees will purchase a specific amount of WeWork India’s shares, and Embassy Buildcon will purchase the OAW. Currently, the Embassy Buildcon group owns about 70% of WeWork India.
Volrado Ventures, alternative investment funds (AIFs) registered with the Securities and Exchange Board of India, are supervised by Real Trustee. Meanwhile, residential and commercial real estate development and other associated activities are the activities of Embassy Buildcon, a limited liability partnership registered in India.
In November of last year, WeWork Inc. filed for Chapter 11 bankruptcy in the US. The business has now emerged from bankruptcy, having paid off $4 billion of debt. In the meantime, John Santora has been appointed as the new CEO of WeWork Inc.
WeWork India, run by the real estate company Embassy Group, based in Bengaluru, maintained a healthy scale and controlled its losses for the fiscal year that ended in March 2023. Between FY22 and FY23, its revenue increased by 67.6% to Rs 1,314 crore, from Rs 784 crore. Additionally, the company’s FY23 losses plummeted to Rs 146 crore, a 77.29% decrease.
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