The platform will be set up as an alternative investment fund (AIF) and is awaiting market regulator, the Securities and Exchange Board of India (Sebi)’s approval.

It’s an 80:20 joint venture platform with a development timeline of five years. Ivanhoe Cambridge will put in $150 million to start with, and Embassy’s contribution will be $30 million. It will also provide existing land parcels for some projects, the reports added.

The Ivanhoe-Embassy fund will develop greenfield office projects across cities, but primarily in Bengaluru, where Embassy has a stronghold.

Once the Embassy-Indiabulls merger is complete, the new office platform will be a part of the merged entity.