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WeWork Inc. has refused to buy back its 27% stake in WeWork India, which is owned by the Embassy Group. The company sought insolvency protection under Chapter 11 of the US Bankruptcy Code. WeWork India, which WeWork Inc. owns about 27% of, has been one of the company's fastest-growing affiliates outside of the US. The remaining 73% is owned by the Embassy Group.
WeWork India had offered to buy back the stake held by the parent company after the global counterpart sought insolvency protection under Chapter 11 of the US Bankruptcy Code earlier last month.
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Indian wing of WeWork is majority-owned by the Embassy Group
In WeWork India, Embassy Group holds 73 per cent stake, while WeWork Global has a 27 per cent shareholding.