Provogue arm, Omaxe in retail JV

In one of the largest realty-retail partnership in the country, Prozone Enterprises, the wholly owned subsidiary of Provogue, has inked a 50:50 joint venture with realty major Omaxe Group to develop shopping malls in townships owned by the latter.

In the first phase, a SPV promoted by the joint venture, will invest Rs 1,500 crore to develop 10 malls in equal number of townships located across north India, including in Raipur, Ludhiana and Chandigarh.

The SPV will ultimately develop malls in all the 30 properties owned by Omaxe with an investment of almost Rs 5,000 crore. The malls, which will be under the Prozone Shopping Mall banner, will come up within 42 months.

"Each of the Prozone Malls will have about 500,000 to 700,000 square feet of shopping, entertainment and leisure activities.

In these townships, Prozone mall models will also include hypermarkets, departmental stores, petrol service stations, banks, pharmacies, health clubs and budget hotels," said a company statement.

The latest venture is part of Prozone's plan to develop, "India's largest shopping mall network" with over 50 retail malls across the country focused on tier two cities. At present, Prozone is developing more than 12 million square feet of modern retail space.