New Delhi : Coworking major WeWork India on Tuesday said the Indian business will not be impacted in any manner, as it is not part of the bankruptcy proceedings filed by WeWork Global in the US court.
In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork India has 50 centres, comprising around 90,000 desks, across seven cities. In a statement, WeWork India CEO Karan Virwani asserted that the Indian business is independent from WeWork Global and hence its operations will not be impacted.
"WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner," he said. Virwani noted that WeWork India is a separate entity in itself, and it is not a part of this strategic reorganisation process. The bankruptcy filing does not impact the operations of the global entity as it continues to remain in possession of its business, operating as usual, he added.
The process restructures the debts and the leases of WeWork Global in the US and Canada. "During this period, we will continue to hold the rights to use the brand name as part of the operating agreement, while serving our members, landlords, and partners as usual," Virwani said.