Provogue India sells 27% stake in its Nagpur Real Estate arm

Provogue India Ltd has informed that the company has sold 27 percent stake of Mumbai-based, real estate developer, Prozone Enterprises Pvt. Ltd to Triangle India Real Estate Fund, promoted by Old Mutual Investment and ICS Realty for Rs 457 crore.

Prozone Enterprise Pvt. Ltd (subsidiary of Provogue (India) Ltd) is a joint venture between Provogue (India) Ltd and UK-based, Liberty International. The stake purchase in Prozone Enterprise is Triangle fund’s first investment in Indian real estate sector. Prozone's arm is developing commercial complexes which would include retail, entertainment, food courts, cafes, restaurants, fine dining, hotels and convention centres.

The company plans to use raised funds in the completion of four real estate development projects, which are coming up in the cities of Aurangabad, Indore, Nagpur and Jaipur covering 16 million square feet. Provogue (India) has reported a 7% increase in net profit at Rs 8.01 crore for the quarter ended December 2007. Its sales increased by 40% to Rs 100.08 crore.