Embassy REIT secures Rs 12 billion loan for Chennai asset

05 Jun 2024 CW Team

Embassy REIT announced that it had secured a debt of Rs 12 billion from a leading nationalised bank to facilitate the purchase of a 5 million square foot commercial asset in Chennai. This move signifies the REIT's venture into a new growth market, marking the culmination of a successful financial year 2024-2025 and the completion of the acquisition process.

In April, the REIT had reached an agreement with Embassy Sponsor to acquire the asset for Rs 11.85 billion, primarily financed through debt at 8.05% interest and internal accruals. Aravind Maiya, the Chief Executive Officer of Embassy REIT, stated that they opted for debt financing over equity issuance, considering the best interests of stakeholders. He mentioned the possibility of raising equity for specific purposes when market conditions are more favourable, refraining from disclosing the bank's name.

The property encompasses 1.4 million square feet of completed area with a 95% occupancy rate, housing prominent multinational companies like Wells Fargo and BNY Mellon in the financial services and technology sectors.

Maiya emphasised the asset's long-term earnings potential, including ongoing development of 1.6 million square feet and future plans for an additional 2.0 million square feet. This acquisition has expanded Embassy REIT's commercial portfolio by 11% to 50.5 million square feet, positioning it as one of the largest office REITs globally.

He also highlighted the positive impact of this acquisition, projecting a 2% NOI growth and 0.2% distribution growth, in addition to the previously guided 10% NOI growth and 7% distribution growth for the financial year 2025.

Embassy REIT is currently undertaking construction of approximately 6.1 million square feet within its existing portfolio, requiring an estimated expenditure of around Rs 38 billion.

Infrastructure Transport

18 Dec 2025

RVNL secures Rs 1.65 billion railway bridge project from North Eastern Railway

Rail Vikas Nigam (RVNL) has received a Letter of Award (LoA) from North Eastern Railway for a Rs 1.65 billion railway infrastructure project, strengthening its order book and showcasing its expertise in complex railway construction.The project involves constructing the substructure of a major railway bridge over the Gandak River, located between Paniyahwa and Valmikinagar stations. This is part of the doubling of the Gorakhpur Cantt–Valmikinagar railway section, aimed at improving line capacity and operational efficiency.The bridge will feature 14 spans of 61 metres each, built on double D-t..

Raebareli’s Modern Coach Factory rolls out 15,000th railway coach

The Modern Coach Factory (MCF) at Raebareli in Uttar Pradesh has achieved a major manufacturing milestone with the rollout of its 15,000th railway coach on December 15, the Ministry of Railways said.In a press note, the ministry said that MCF has already produced 1,310 coaches in the current financial year 2025–26, reflecting sustained high output at one of Indian Railways’ most advanced passenger coach manufacturing units.Established in 2007 at Lalganj in Raebareli district, MCF was built at a cost of Rs 31.92 billion with an initial annual production capacity of 1,000 coaches. The factor..

RailTel wins Rs 260.88 million IT infrastructure order from VOC Port

Navratna public sector undertaking RailTel Corporation of India has secured an IT infrastructure order worth Rs 260.88 million from V.O. Chidambaranar Port Authority (VOC Port), strengthening its presence in port-led digital transformation projects.According to an exchange filing dated December 16, 2025, RailTel has received a Letter of Acceptance (LoA) from VOC Port Authority for the implementation of advanced IT infrastructure at the port. The project is domestic in nature and is scheduled to be completed by August 15, 2026.The company said the order has been awarded in the normal course of ..