Provogue India sells stake in realty arm

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Leading apparel retailer Provogue (India) Ltd has said that the UK-based LTG International Ltd will invest Rs 569.7 million to pick up 3.36 per cent stake in a unit of its real estate arm Prozone Enterprises Pvt Ltd.

Prozone., a retail real estate development company, develops retail malls in India. Founded in 2004, Mumbai-based Prozone operates as a subsidiary of Provogue (India), Ltd. The unit is a joint venture between Provogue and the London-based property company Liberty International.

Earlier this year in April, Provogue sold 27 percent stake in the unit for Rs 4.57 billion to Triangle India Real Estate Fund, founded by Old Mutual Investment and ICS Realty.

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