 "Aditya Virwani, COO, Embassy")
US-based private equity fund Warburg Pincus is looking to exit Embassy Industrial Parks, its joint venture with Beng-aluru-based Embassy Group, four-and-a-half years after it signed the $250 million deal to build industrial and warehousing spaces in the country, said sources in the know.
The JV had an equity commitment of $175 million from Warburg, while Embassy was to put in $75 million. “Warburg is not happy with the speed with which the land acquisition and development happened in the JV,” said sources.
Though sources said Embassy’s promoters could buy back Warburg Pincus’s stake in the JV, this could not be independently verified.
