Bengaluru | Mumbai: The US shared workspace major WeWork has initiated talks to buy out the majority stake in its affiliate WeWork India, managed by Bengaluru’s Embassy Group through a license arrangement.

However, the process is unlikely to be concluded immediately, two persons with direct knowledge of the development told ET.

A complete exit by Embassy is also not expected anytime soon as it holds the franchise rights for WeWork in India till June, 2021. “There is always an ongoing discussion on the buyout, but there isn’t anything concrete. As per the agreement, Embassy will build a portfolio of 90,000 seats by 2020,” said one of the persons mentioned above.

WeWork India declined to offer comment for the story. Embassy would like to retain brand but WeWork holds the right of first refusal.





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