The Competition Commission of India has approved the purchase of WeWork India from Real Trustee Advisory Company, Volrado’s Funds and Volrado. The CCI had allowed WeWork to leave its India unit on February 2.
What happened? According to the Press Information Bureau, the CCI sanctioned the purchase of certain share capital by Real Trustee Advisory Company Private Limited(Real Trustee), Volrado Venture Partners Fund I and II and other independent co-acquirers.
Real Trustee, Volrado Ventures and Embassy Buildcon will initially acquire certain share capital in WeWork India from WeWork’s parent, Embassy Buildcon. Embassy Buildcon will then acquire 100% of Ariel Way Tenant Limited from WeWork International Limited. This will allow Embassy Buildcon to indirectly hold share capital in WeWork India via OAW.
Real Trustee is trustee of Volrado Ventures. These alternative investment funds. Embassy Buildcon is an Indian limited-liability partnership that is involved in real estate. OAW holds WeWork India shares on behalf of WeWork International.
WeWork India offers flexible workspaces as well as digital real estate solutions for workplaces to companies. WeWork Inc. owned 27.5% of the Indian unit.
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