provogue

Add as a preferred source on Google

New Delhi, Oct 16 (UNI) Provogue India Ltd has entered into a joint venture agreement with UK-based Liberty International PLC, to develop and manage prime regional shopping centres for the growing organized 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 Foreign Investment Promotion Board (FIPB) approval, a company statement said today.

Based on current projections, Liberty International's equity contribution will be about Rs 202.5 crore.

Liberty International PLC is a UK FTSE 100 listed property company, with property investments of over GBP 7.5 billion, of which regional shopping centres 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.