EFC (India) has entered the commercial real estate sector by acquiring a 49,556-square-foot office space in Pune for over Rs 80 crore. The new facility will accommodate more than 1,500 employees with this expansion.
EFC’s recent acquisition in Pune will strengthen its presence in the region. Company’s Director Nikhil Bhuta revealed that EFC has added approximately 80,000 square feet of premium office space in Pune to its portfolio, enhancing its freehold assets.
With the growing demand for flexible workspaces, EFC’s managed office business model will generate annual revenues of ₹14.40 crore, reflecting the dynamic shift in workspace preferences.
EFC has also expanded its portfolio by acquiring a 51% stake in Bigbox Venture, a co-working space provider. This acquisition adds over 3,000 seats to EFC’s capacity, with Bigbox reporting monthly revenues of approximately Rs 2 crore.
The company plans to extend its presence to major cities, including the National Capital Region, Ahmedabad, and Kolkata, after adding around 2,000 seats post-acquisition.
EFC has secured design and build contracts with Tata Consultancy Services (TCS) to diversify further its revenue streams, valued at over Rs 75 crore. The company is negotiating additional contracts exceeding INR 100 crore, highlighting its growing influence in the real estate sector.
EFC is also advancing its plans to establish a real estate investment trust (REIT) with a target of Rs 499 crore. The REIT application has been filed with the Securities and Exchange Board of India (SEBI), and approvals are expected by early September.
As of June 30, 2024, EFC manages approximately 2.25 million square feet across 57 sites in seven cities, with a seating capacity of around 47,000. The company generated Rs 66.79 crore from its rental segment and Rs 35.03 crore from design and build services. Looking ahead, EFC
aims to add 30,000 to 40,000 seats annually and plans to launch a manufacturing facility in Phursungi, Pune, under its Ek Design Industries branch by September 2024, with projected revenues of Rs 50-70 crore for FY25.
