Embassy REIT appoints Ritwik Bhattacharjee as interim CEO

Embassy Office Parks REIT (Embassy REIT), India’s first listed REIT and the largest office REIT in Asia by area, has appointed Ritwik Bhattacharjee as its Interim Chief Executive Officer with immediate effect.

The appointment follows on the back of its CEO, Aravind Maiya, steppind down fromhis role following a directive from the Securities and Exchange Board of India (Sebi) on Tuesday. This decision follows an interim order and show-cause notice issued by Sebi on November 4, 2024, which mandated the immediate removal of Maiya as CEO, who has transitioned to the role of head of strategy, a position where he can continue working with Embassy REIT.

Sebi's action came after the National Financial Reporting Authority (NFRA) debarred Maiya for ten years and imposed a penalty of Rs 50 lakh for "professional misconduct" related to the audit of Coffee Day Enterprises.


This audit allegedly concealed a significant fraud. The NFRA issued its order on August 19.

Bhattacharjee has been associated with the REIT since its listing and was a founding member of the team that helped list Embassy REIT in 2019. He last held the position of Chief Investment Officer at Embassy REIT.

Prior to joining Embassy REIT, he spent over 12 years as an investment banker at global firms, including Nomura, Citi,UBS, and JPMorgan. As an investment banker, Ritwik has worked on numerous REIT and real estate capital markets and advisory transactions in New York and Singapore.

The newly appointed CEO holds a BA on Economics from Middlebury College, an MBA from the Tuck School of Business at Dartmouth, and a Master of Arts in Law and Diplomacy (MALD) from The Fletcher School at Tufts University.

Embassy REIT owns and operates 14 office parks with 51.1 million sq ft of office space in Bengaluru, Mumbai, Pune, the National Capital Region and Chennai. The portfolio comprises 38.4 million sq ft completed operating area. Its assets include four operational business hotels, two under-construction hotels and a 100 MW solar park supplying renewable energy to tenants.