By IANS
Jaipur : Prozone Liberty — a joint venture between Liberty International Plc of Britain, owner of Covent Garden in London, and retail firm Provogue India Ltd — will spend Rs.20 billion ($500 million) to build an entertainment, shopping and financial hub called Jaipur Festival City.
“The Jaipur Festival City project is going to be one of its kind in the country — with 4.5 million sq ft built up area offering entertainment, leisure, shopping and multiplex environment along with five-star hotel, budget hotel, club, service apartments and financial and commercial hub,” a company official told IANS.
“We have identified the land for the project in Jaipur,” he added.
Liberty International Plc is a FTSE 100-listed property company with assets of over 10.8 billion pounds ($22 billion). FTSE is Britain’s benchmark stock index.
Liberty owns Covent Garden in central London, Metro Centre in Newcastle and the Manchester Arndale Shopping Centre.
Provogue India Ltd is amongst the top five-listed retail companies on Indian stock exchanges. It has grown by over 50 percent in sales and profit over the last five years.
Provogue has a national network of over 100 stores spread across 50 cities, employing over 1,000 people.
“Being well connected to the rest of India, Jaipur may well become a destination for not just tourists but also finance and business,” the company official said.