Fair trade regulator CCI said it has approved the proposed stake acquisition of India Management by Real Trustee Advisory Company.
“CCI has approved the acquisition of certain share capital of WeWork India Management (WeWork India) by Real Trustee Advisory Company (Real Trustee) (in its capacity as trustee for Volrado Venture Partners Fund II (Volrado II).
“…Volrado Venture Partners Fund III – Beta (Volrado III) and other independent co-acquirers, and 100% share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon LLP,” CCI said in a release.
The Competition Commission of India (CCI) said it has approved the proposed deal.
Embassy Buildcon is engaged in the business of real estate development of residential and commercial assets and other related activities.
WeWorkIndia operates in flexible workspaces and digital real estate workplace solutions for companies.
Earlier, Karan Virwani, CEO of WeWork India, had said that the operations of the Indian unit remained unaffected despite WeWork Inc raising “substantial doubt” on its ability to stay in business.
The company clocked Rs 1,400 crore in revenue in FY23 and achieved “earnings” of Rs 250 crore during the fiscal year.
In 2017, real estate firm Embassy Group had set up a joint venture with WeWork for the global coworking company to enter the Indian market.
OAW holds shares of WeWork India on behalf of WeWork International.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(With inputs from YourStory)
Edited by Megha Reddy
