New Delhi, November 7: WeWork Company’s bankruptcy case is ongoing in the US court WeWork India CEO Karan Birwani said on Tuesday that it will not affect Indian business Because this is the case of WeWork Global Bengaluru-based real estate firm Embassy Group owns 73 per cent stake in WeWork India WeWork Global has a 27 percent stake there WeWork India has 50 centers across seven cities, with around 90,000 desks. In a statement, WeWork India CEO Karan Birwani said, “WeWork’s business in India is independent. Hence WeWork Global’s activities will not be impacted here.”
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He said that WeWork India is a separate entity and is not part of WeWork Global’s strategic restructuring process. WeWork India will therefore not be affected by the bankruptcy case WeWork India will work on its own. WeWork Global is in the process of restructuring loans and leases in the US and Canada. WeWork India CEO said, “In the meantime we will continue to serve our members, franchisees and partners as usual. We will retain the right to use the brand name as part of the operating agreement.”
WeWork India has the largest share of Embassy Group Karan Birwani said, “Embassy Group WeWork India is committed to investing in the future of business. We are fully focused on providing exceptional and innovative workspaces to our members in the region. We are the king of the good and flexible workspace industry and we are changing the way we work in India.”
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According to him, WeWork India is looking at profit from 2021 onwards. The demand for workspace in major cities in India increased in August Due to which WeWork India’s revenue rose 40 percent to Rs 400 crore in the first quarter of this financial year. In the last financial year, its turnover was 1 thousand 400 crores.