News: Prozone in JV with Omaxe to develop shopping mall

(TNN 27/04/2006) Mumbai - Prozone Enterprises, a wholly owned subsidiary of Provogue (India), on Wednesday announced a joint venture agreement with real estate developer Omaxe Group to develop their Prozone Shopping Mall concept on land banks owned by Omaxe across the country.

The venture will function as a special purpose vehicle.

Nikhil Chaturvedi, MD, Provogue said the tie-up with Omaxe would help the company become one of India’s leading retail infrastructure development houses. As part of the project, 10 malls will be developed in phase one at an investment of around Rs 1,500 crore.

Omaxe, one of the largest real estate developers in North India, is building 14 malls and 30 townships in projects worth Rs 12,000 crore. Prozone is now developing over 12m sq feet of retail space.

Recognising that 70% of mall footfalls are driven by food courts and entertainment, Prozone has engaged the executives of the Dubai-based Paul Merrifield, a leading food court franchise, to head the dedicated entertainment division.

Other officials are Kapel Vahi, who has joined from Trammel Crow Meghraj to head tenant relations, and Ritesh Munshi, earlier with Inorbit Malls and Kshitij, who will head mall management.