EFC (India) has significantly bolstered its commercial real estate holdings with the acquisition of a substantial office space in Pune, valued at over INR 80 crore. This new acquisition spans 49,556 square feet and is designed to accommodate over 1,500 employees, reflecting the company’s robust growth strategy and commitment to expanding its operational footprint in this key market.
The acquisition in Pune is part of EFC’s broader strategy to enhance its presence in the commercial real estate sector. As stated by Nikhil Bhuta, the company’s Whole Time Director, EFC has accumulated approximately 80,000 square feet of freehold office space in Pune. This move supports the company’s managed office business model, which is anticipated to generate an annual revenue of INR 14.40 crore. The rising demand for flexible workspace solutions is driving this strategic acquisition, aligning with the broader market trend towards more adaptable office environments.
In addition to expanding its physical footprint, EFC has made strategic investments to strengthen its market position. The company has acquired a 51% stake in Bigbox Venture, a co-working space provider, which adds over 3,000 seats to its capacity. This acquisition is expected to enhance Bigbox’s monthly revenue, which currently stands at approximately INR 2 crore, as it expands into major cities such as the National Capital Region, Ahmedabad, and Kolkata. Furthermore, EFC is pursuing additional design and build contracts, including negotiations exceeding INR 100 crore. The company’s efforts also include setting up a real estate investment trust (REIT), with a planned corpus of INR 499 crore, pending SEBI approval. These initiatives, coupled with a new manufacturing facility under Ek Design Industries, underscore EFC’s proactive approach to growth and diversification.
As of June 30, 2024, EFC manages around 2.25 million square feet across 57 sites, with a seating capacity of about 47,000. The company’s rental segment alone has generated approximately INR 66.79 crore, making up 63.44% of its total revenue. EFC’s diversified operations, including the design and build segment, have contributed significantly to its balanced revenue structure. Looking forward, EFC aims to add between 30,000 to 40,000 seats annually and is set to begin commercial production at its new Pune facility by September 2024. EFC’s strategic expansions and investments position it as a formidable player in the commercial real estate sector, poised to capitalise on emerging opportunities and drive future growth.
