Provogue India has announced that Triangle India Real Estate Fund LLC, has entered into an agreement to invest Rs 457 crore for a 27% stake in a step down subsidiary of Prozone Enterprises. This downstream subsidiary of Prozone Liberty holds stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over approximately 1.6 million sq.ft.
Prozone Enterprise is a joint venture between Provogue (India) and Liberty International PLC .
Prozone-Liberty has set up six international and domestic subsidiaries as SPVs for carrying on its business viz. Prozone Liberty International, Prozone International, Prozone Overseas, Alliance Mall Developers, Royal Mall and Standard Mall. The downstream subsidiary of Prozone-Liberty has acquired 5% additional stake in its Aurangabad Project and now holds a majority stake in it.
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