Veritas Legal acted on Inorbit Malls’ INR I,242 crore acquisition of Prozone Realty mall subsidiaries
Inorbit Malls (India) Private Limited is acquiring a 100% stake in Kruti Realtors and Developers Private Limited, Alliance Mall Developers Co. Private Limited and Empire Malls Private Limited from Prozone Realty Limited, at a valuation of ₹1,242.50 crore, to be adjusted for other assets and liabilities as per mutual agreement at completion
Veritas Legal is advising Inorbit Malls on this acquisition. The Firm advised on due diligence, structuring, negotiation and drafting of the transaction documents.
Abhijit Joshi (Founding and Manging Partner) and Kunal Doshi (Senior Partner) provided their strategic inputs and overall guidance on the deal.
The transaction team was led by Rustam Mulla (Senior Partner) and Sneha Nagvekar (Partner), with support from Parshva Doshi (Principal Associate), Aryan Mehta (Associate) and Ishan Mhapsekar (Associate).
Naznin Fakih (Counsel), Ashwin Mehta (Principal Associate) and Clarissa D’Lima (Associate) advised on Real Estate aspects.
Akriti Gupta (Senior Associate), Associates Aryan Mehta, Afrrin Advani, Vidhi Basrani and Ishan Mhapsekar worked on the due diligence.
This acquisition follows a major strategic consolidation of equity stakes by Prozone, wherein Alliance and Empire were brought under Kruti, a wholly owned subsidiary of Prozone. Alliance owns and operates a shopping mall covering 500,000 square feet of retail space in Coimbatore (“Coimbatore Mall”). Empire owns and operates a shopping mall covering 600,000 square feet of retail space in Chhatrapati Sambhajinagar (formerly known as Aurangabad) (“Aurangabad Mall”). Kruti is a wholly owned subsidiary of Prozone Realty Limited that owns shares in Alliance and Empire.
The acquisition of the Mall Assets will add approximately to 1.1 million square feet in the Inorbit Malls’ portfolio, which operates multiple malls with over 3 million square feet spread across Mumbai, Hubballi, Vadodara, Visakhapatnam and Hyderabad.
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