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Mysore Projects Private Limited, a wholly owned subsidiary of Brigade Enterprises Limited, has entered into a limited liability partnership agreement (LLP) with Prestige Estates Projects in Prestige OMR Ventures LLP.
Prestige OMR Ventures LLP is to take up construction of mixed-use development in Chennai, where a mall, offices and hotel are to be built on 7.5 acres of land on OMR road.
In a regulatory filing to the exchanges, both the companies said Prestige OMR Ventures LLP is to undertake real estate development on joint venture basis where in Mysore Projects Private Limited and Prestige Estates Projects are the partners in the ratio of 30 and 70 percent respectively.
Both the companies are to subscribe to shares as initial contributions. Mysore Projects Private Limited to contribute ₹12.48 crore and Prestige Estates Projects ₹29.12 crore.
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