Even as WeWork Inc plans to file Chapter 11 petition for bankruptcy in New Jersey, the Indian business of the co-working space company will not be affected, according to Karan Virwani, CEO at WeWork India.
“WeWork India is a separate entity from WeWork Global. The recent news around the potential bankruptcy and Chapter 11 filing in the US will have no impact on the members and stakeholders in India. Any development globally has no bearing on the operations of the business. In India, we will continue to operate and serve our members, landlords, and partners as usual,” Virwani clarified.
He further explained that the Indian operations are backed by the Embassy Group, which holds the majority stake and control to run and operate the business in India.