Provogue (India) Limited has announced the signing of a joint venture agreement with UK and South African-listed property group Liberty International PLC (LBT) in order to develop and manage prime regional shopping centres for the growing organised retail sector in India.
 
Under the agreement, Liberty International will be taking a 25% shareholding in Prozone Enterprises Pvt Ltd, Provogue's wholly-owned retail infrastructure subsidiary, subject to FIPB approval. Prozone is already developing large-scale FDI compliant regional shopping centres focused on Tier 2 cities and across India.
 
Prozone-Liberty, as the joint venture will be known, are planning to build initially six large scale shopping centres, all FDI compliant, ranging in size to over one million square feet. 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).
 
Going forward the Prozone-Liberty alliance will be focused on developing dominant retail destinations around these centers and will be rolling out their concepts pan-India over the longer term.
 
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Source: I-Net Bridge