“Embassy plans to use the funds to churn debt and reduce the cost of funds,” said the source.
Embassy is also completing the process of merger of certain housing and commercial projects of Indiabulls Real Estate.
Varde is also in talks to lend about Rs 1,200 crore to Hyderabad-based Phoenix Group, said the source.
When contacted, Varde Partners spokesperson declined to comment. Embassy Chairman Jitu Virvani said the company