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WeWork India is on the lookout for new investors after talks with the bank to collapse

BENGALURU (Reuters) – WeWork, India franchise and have seen the interviews with an existing backer, ICICI Bank (ICBK.NS up to $100 million in new funding to demolish it, because We are in The Company’s botched initial public offering, and in the discussion of how to raise $200 million, with other investors, the company’s chief shareholder, Jitu Virwani, said on Thursday.

FILE PHOTO: A man walks into a WeWork space in the borough of Manhattan in New York City, New York, New York, USA, October 4, 2019. REUTERS/Carlo Allegri/Photo File

Real estate mogul Virwani’s Embassy Group, is backed by U.S. private equity fund Blackstone Group Inc (BX.(N), which was founded WeWork, India, two years ago, and it was already in talks to sell the major part of the operation of the brand global, We have the parent of The Company.

Virwani said that the calls had been made for an indefinite period of time, and that the Embassy was to raise about 40 billion rupees ($563.06 million) from the sale of certain of its assets, which they would have to invest in a WeWork in India, if it is needed.

“Even if we put all of that money in order to grow and WeWork, India, we are going to continue,” Virwani, whose son, Karan, heads WeWork in India, told Reuters in an interview.

After one of the most dramatic collapse of an initial public offering in recent history, We have the Business disposed of and the founder and Chief Executive Officer, Adam Neumann, last month, and is looking for a financial austerity, to help it seal to the new investment.

Investors have expressed concerns over its burgeoning losses, and no matter how good your business model is that it involves the taking of a long-term rental and lease of premises for the short-term, a global economic crisis.

Jitu Virwani, said WeWork is India, which plans to double its current capacity of 45,000 seats in the six-cities and towns in india by the end of 2020, it would be profitable by the end of next year.

“Adam, Adam, Neumann, or no, Adam’s Construction, our company is here to stay,” Virwani said at a round-table discussion with reporters.

“Yes, and WeWork’s initial public OFFERING may occur, it is a bit of a challenge for us, and we had a little bit of a setback when we were looking to raise $100 million from ICICI. However, we have decided to put our own money into the company and, if necessary,” he added.

ASIA

WeWork separately, it announced that it would open two new offices for co-working in Singapore, and two in Manila, are showing signs of a broadening of the base in Asia, following reports in the media that the company was reining in its plans for China.

The embassy has so far pumped in about 14 billion rupees, in the Indian WeWork company, of which € 9 billion rupees from the Embassy, itself, is about 3 billion rupees from ICICI Bank, 2 billion rupees from investors, such as Tata Capital.

The $200 million that WeWork in India, is looking to raise in the whole, it can be in your own power, or by a combination of debt and equity, said Karan Virwani, though, he said, is that the achievement of the company’s previous valuation of around $3 billion, which would be a challenge.

“If I have a ICICI or any lender, somebody who was able to give it a valuation of as much as $800 million, a person would be able to say that the $1 billion-or one might say, to a $1.5 billion,” Jitu Virwani said.

Reporting by Anirban Sen; Writing by Patrick Graham; Editing by Bernard Orr and Shounak Dasgupta

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