Brigade Enterprises said its subsidiary, Mysore Projects, has entered into a Limited Liability Partnership (LLP) agreement with Prestige Estates Projects in Prestige OMR Ventures.
Mysore Projects contributed Rs 12.48 crore for the 30% stake in Prestige OMR Ventures LLP. Prestige Estates Projects will hold the remaining 70% stake in the joint venture. The partnership will undertake real estate development on a joint venture basis.
On a consolidated basis, Brigade Enterprises reported a net loss of Rs 63.90 crore in Q1 June 2020 as compared with a net profit of Rs 46.46 crore in Q1 June 2019. Net sales declined 71.3% to Rs 203.33 crore in Q1 June 2020 over Q1 June 2019.
Shares of Brigade Enterprises rose 0.90% to Rs 173.30 on BSE. Brigade Enterprises is Brigade group's flagship company. Brigade group was established in 1986, with property development as its main focus.
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