Whalesbook
Prozone Realty Limited has finalized a $32 million deal to gain full ownership of three crucial Indian project companies: Alliance Mall Developers Co. Private Limited, Empire Mall Private Limited, and Hagwood Commercial Developers Private Limited. The acquisition involved purchasing stakes from offshore private equity sellers, consolidating these entities under the PRL Group.
Economic Laws Practice (ELP) acted as the legal advisor for Prozone Realty and its group companies during the transaction. ELP's guidance covered the specific Indian legal and regulatory requirements for secondary share transfers and managing the exit of foreign investors involved in the deal.
This consolidation is central to Prozone Realty's strategy as a listed developer focused on large-format malls and mixed-use projects in Indian cities such as Aurangabad, Coimbatore, and Nagpur. By taking complete control, Prozone aims to streamline operations and advance its development pipeline in the retail sector.