Home Retail Provogue India sells stake in realty arm

    Provogue India sells stake in realty arm


    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.

    Provogue faces cash crunch, shut down 60 stores
    Provogue, due to heavy financial loss is left with 3 stores in Mumbai and 40 all stores all over India.

    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.