WeWork's bankruptcy warning to not impact India unit
09/08/2023 17:14
Aug 9 (Reuters) - WeWork's WE.N warning of a
bankruptcy risk would not have an impact on its India unit,
regional CEO Karan Virwani said on Wednesday.
New York-based WeWork, which was valued at $47 billion in
2019, on Tuesday raised "substantial" doubt around the
continuance of its operations and warned of a possible
bankruptcy.
WeWork India, which is backed and owned in majority by
Indian real estate firm Embassy Group EMBA.NS , said it was
focused on growth with sustained profitability and the
fundamentals of its business remain strong.
"We ended FY 2022-23 with revenue of 14 billion Indian
Rupees ($168.99 million), and 2.5 billion Indian Rupees ($30.18
million) in earnings," India CEO Virwani said.
($1 = 82.8440 Indian rupees)
(Reporting by Shivansh Tiwary and Priyamvada C in Bengaluru;
Editing by Shinjini Ganguli)
((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192;))