Liberty International, parent company to Capital Shopping Centres and Capital & Counties, has made its first foray outside the UK and the US into India.
It has agreed to take a 25% stake in a shopping centre development company owned by Indian clothing company Provogue India. Provogue owns development company Prozone Enterprises and plans to develop shopping centres in six cities in India.
The developments will be planned for six smaller cities outside of the largest top eight in the country.
Liberty, led by chief executive David Fischel, has invested 2.03bn Indian rupees (£24m) in the six projects.
Liberty’s equity injection will bring the total equity in the proposed projects to 3.9bn rupees (£46.1m) while Provogue India will fund the rest with debt.