WeWork in talks to buy back stake in its Indian arm for up to $1b

Shared workspace provider WeWork is in talks to own a stake of at least 51 percent in its Indian operations, which is currently managed by billionaire property developer Jitu Virwani of Embassy Group through a licensing deal, according to media outlets, citing unnamed sources.

The deal has an estimated $1 billion price tag.

WeWork wants to take back control before the licensing deal ends in 2021.

The Embassy Group is a leading office developer in India and has developed 35,000 desks across 17 locations for WeWork India. It aims to touch 90,000 desks by year end, which was originally the target for 2021. If this target is met, the company could be valued up to $2 billion, a source told The Times of India.