Provogue India enters into joint venture with Liberty International PLC

Provogue India Ltd has announced that the Company has entered into a joint venture agreement with Liberty International PLC of the UK, in order to develop and manage prime regional shopping centers for the growing organised retail sector in India.

Under the agreement, Liberty International PLC will be taking 25 per cent of the equity shares of Prozone Enterprises Pvt. Ltd., the Company’s wholly owned retail infrastructure subsidiary, subject to FIPB approval.

Based on current projections, Liberty International's equity contribution in respect of these six centres will be of the order of INR 202.5 crores (approximately GBP £25 million).

Liberty International PLC is a UK FTSE 100 listed property Company, with property investments of over GBP 7.5 billion, of which regional shopping centers amount to some 85 per cent. They are one of the world's largest such groups and own 9 of the top 25 shopping centres in the UK.

Source : Equity Bulls

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