Indiabulls Real Estate appoints KG Krishnamurthy as non-executive chairman

Indiabulls Real Estate has appointed private equity and real estate industry veteran K. G. Krishnamurthy, as the Non-Executive Chairman of the company with effect from February 1, 2022.
The company has also appointed the former Managing Director & CEO of HDFC Property Ventures as an independent director on the board of the company with immediate effect for an initial term of three years.

“Indiabulls Real Estate is in the process of completing its merger with the Embassy Group, and one of my objectives would be to bring stability to the current management team through this transitional phase. Our vision is to create one of India’s largest and strongest real estate platforms with highest standards of corporate governance,” Krishnamurthy said.

The proposed merger between Embassy Group and Indiabulls Real Estate has entered the final lap as both the companies have now filed the requisite joint application with the jurisdictional bench of NCLT, for its approval to the scheme of merger. The combined entity will be renamed Embassy Developments Ltd and will be co-headquartered in Mumbai and Bangalore.

Krishnamurthy, an alumni of IIT - Kharagpur with a management degree from Jamnalal Bajaj Institute of Management, has over three-decades experience in the real estate sector. He is widely consulted by the industry on real estate matters. He had advised international and domestic real estate funds having an aggregate corpus of Rs 7,100 crore.

Prior to the launch of HDFC’s venture capital fund, he was head of property services at HDFC. He has also offered his services to the Asian Development Bank to develop a housing package for project affected persons under Karnataka Urban Infrastructure Project and to the USAID to build-up a mortgage market in Sri Lanka.

Krishnamurthy is also on the board of Booker India--A TATA and TESCO Enterprise, JM Financial Credit Solutions, Ajmera Realty & Infra India, Vascon Engineers, MMK Toll Road, Shriram Properties and Puravankara. Ends