Apparel maker and retailer Provogue India has raised Rs 477 crore to fund new
malls and its expansion plans.
The funds raised will be utilised for expansion of Prozone. The profits
will also be used for expansion of the firms current retail network, setting up
of new retail formats, bringing international brands into India, and for general
corporate purposes to include acquisitions. Funds will be used to develop eight
malls in tier-II cities across the country and to add 45 new stores to its
network of 120 stores. Provogue has tied up with UK-based Liberty International
for the Prozone, in which Liberty has invested Rs 202 crore.