Provogue invests Rs 1,500 cr to develop 6 new malls

Provogue India has invested over Rs 1,500 crore for setting up six new malls, which would be developed by its real estate arm, Prozone Enterprises, and come up in the next two years.

Apparel maker and retailer Provogue also plans to open 50 new retail stores in the next two years at an investment of around Rs 20-30 crore.

"We have invested Rs 1,500 crore in our mall business and three of them will be opening soon this year," Provogue Managing Director Nikhil Chaturvedi said adding that the first one would come up at Aurangabad, followed by one each at Nagpur and Coimbatore.

Each mall would be of one million sq ft and will include residential and office space as well, Chaturvedi said.

Provogue today announced Bollywood superstar Hrithik Roshan as its new brand ambassador.

Asked if the company was scaling down its mall- developments, Chaturvedi said, "We are not scaling down and are very aggressively expanding both our businesses (retail and mall development)."