Embassy closes Rs. 1125 Crore Deal - Sells 25 Acre Bengaluru Land to Lam Research

According to a statement released by the firm, Embassy Developments Ltd (EDL) has agreed to pay Rs. 1,125 crore to semiconductor equipment manufacturer Lam Research (India) for a 25-acre land tract in Bengaluru through its fully owned subsidiary Embassy East Business Park Pvt Ltd.

According to a statement released on March 20, Embassy Developments Ltd. (EDL), through its wholly-owned subsidiary Embassy East Business Park, has finalized agreements with Lam Research (India) Pvt Ltd to sublease and then sell approximately 25 acres in Whitefield, Bengaluru, after obtaining the necessary regulatory approvals.

The Rs. 1,125 crore deals are contingent on obtaining the required regulatory approvals.

According to a statement from the company, the acquisition is contingent upon obtaining the required regulatory clearances.

One of India's top real estate developers, Embassy Developments Ltd. is headquartered in Bengaluru and specializes in building and developing residential, commercial, and Special Economic Zone (SEZ) developments throughout Indian cities.

“This landmark transaction strengthens Bengaluru’s position as a global technology and innovation hub and further reinforces its appeal as a preferred destination for high-tech investments. This engagement between EDL and a global semiconductor bellwether reflects the growing demand for world class commercial infrastructure that caters to the evolving needs of cutting-edge industries,” the company stated.

"We are delighted to partner with one of the world’s foremost semiconductor companies in this milestone transaction. Bengaluru remains a top choice for global corporations, and this transaction reaffirms EDL’s capability to unlock value through strategic asset monetisation. The proceeds from this sale will be reinvested into high-growth opportunities, strengthening our development pipeline and delivering sustained value to our stakeholders," said Aditya Virwani, Managing Director, Embassy Developments Ltd.