Prozone Intu Properties Limited (formerly known as Prozone Capital Shopping Centres Limited), was incorporated in 2007 as a public limited company under the provisions of the Companies Act, 1956. The Company is engaged in the business of developing, owning and operating of shopping malls, commercial and residential premises through its various special purpose vehicles (SPVs) and is also providing related management consultancy services.
The Company`s business segments include Leasing and Outright Sales. The Company owns over six land banks aggregating approximately 170 acres with maximum saleable area of approximately 17.8 million square feet in city locations spread across approximately six cities in India. Its Prozone Mall is located in Aurangabad, in which there are over 10 anchor tenants and approximately 100 plus stores operational. Its subsidiaries include Alliance Mall Developers Co. Private Limited, Jaipur Festival City Private Limited, Kruti Multitrade Private Limited, Royal Mall Private Limited and Prozone Liberty International Limited.
The company has an aggregate of 139.71 acres across fully paid-up land bank, with a maximum saleable area of approximately 15.54 MSFT. Of its 15.54 MSFT land bank, 2.02 MSFT has already been developed. Currently, the Company has broken ground in five locations - Mumbai, Nagpur, Coimbatore, Indore and Aurangabad.
At the Prozone Mall in Aurangabad, there are 98 plus stores currently signed including 15 anchor tenants. In Coimbatore, there are 105 plus stores presently signed including 15 anchor tenants. Anchor stores at Aurangabad Mall includes H&M, M&S, Shoppers Stop, Croma, Globus, Pantaloon, Big Bazaar, Reliance Trends, Reliance Digital, Toys R Us, Inox Multiplex, Max and Hometown amongst others. Aurangabad Mall also
hosts national & international chain of F&B brands like McDonanlds, KFC, Pizza Hut, Barbeque Nation, Kareems, and CCD.
The Prozone Mall at Coimbatore has seen reliable traction with various international and national brands such as H&M, M&S, Lifestyle, Hamleys, Pantaloons, Unlimited, Westside, Zudio, Fun unlimited, Max,Inox multiplex, SPAR, Reliance Trends and Reliance Digital, which are the anchor brands at the mall. Coimbatore Mall also hosts national & international chain of F&B brands like McDonanlds, Burger King, Taco
Bell, KFC, Pizza Hut, Sree Annaporna and CCD.
During the year 2020-21, there was considerable interest in the company`s completed Nagpur project, and for the ones that are still on plans. Besides, the Coimbatore project also received positive response from the customers, since the bookings were ramping up nicely. Further, it launched new schemes for marketing the project via digital and online channels and have received a good response. Currently, the company is in the process of acquiring part OC and preparing to hand over the project to customers once the ongoing litigation is settled.
During the FY 2020-21, the Mumbai Bench of National Company Law Tribunal (NCLT) vide its order dated 17 March 2021 sanctioned the Scheme of Amalgamation of Royal Mall Private Limited (Transferor Company/ RMPL/Sole Debenture-holder") with Prozone Developers & Realtors Private Limited, (Transferee Company) and their respective Shareholders and Creditors (Scheme) under sections 230-232 and
other applicable provisions of the Companies Act, 2013. The Company submitted a certified copy of NCLT Order with MCA on 15 June 2021. Accordingly, the Scheme became effective from 15 June 2021 and operational from 1st January 2020, being the Appointed Date as per the approved Scheme. By by virtue of the Scheme, Non-Convertible Debentures (NCDs) of the Company held by RMPL got cancelled from the effective date of Scheme i.e. 15th June 2021.
The Company on 3rd May 2021 sold its whole 25% investment in Moontown, consequently Moontown ceased to be a Joint venture of the Company.
During the financial year 2020-21, the Company sold whole investment made in Emerald Buildhome Private Limited and consequently this Company ceased to be an associate Company of the Company.
During the financial year 2020-21, M/s Calendula Commer became Joint-Venture of the Company.
During the year 2020-21, the Company approved the Scheme of Amalgamation of its wholly owned subsidiaries i e Royal Mall Private Limited (Amalgamating Company) with Prozone Developers & Realtors Private Limited (Amalgamated Company) under Sections 230 to 232 and other relevant provisions of the Companies Act, 2013. Both these Companies are wholly owned subsidiaries and have approved the Scheme in their respective Board Meetings. The appointed date of the Scheme is 1 January 2020. The scheme of Amalgamation is approved by National Company Law Tribunal. Since the appointment date was 1 January 2020, the effect of the same are given in figures for period ended 31 March 2020 as well.
During the year 2021, the unsecured loan were taken from Emerald Buildhome Private Limited, a step down Joint Venture Company (JVC) vide Joint Venture Agreement (JVA) dated 14 December 2007 entered into with the Co-venturer, Shree Salasar Overseas Private Limited for developing a Mall at Jaipur. The said loan was repayable to the JVC at the time of acquisition of additional land. Since the JVC presently does not have any land proposal in hand, the said loan remains with the Group and no interest is payable as agreed between the JV Partners, till the time any new land is acquired by JVC. The said loan is now reclassified as short term since, it is now payable on demand.
The Company`s business strategy is to acquire and develop land parcels in both high-growth emerging city corridors and mature Tier I cities, with a focus on mixed-use development. Its goal is to capitalise on rising consumption of India by building and operating iconic multi-purpose leisure destinations.