In an exchange filing made after market hours yesterday, the company informed that Prestige Estates and its wholly owned subsidiary Prestige Exora Business Parks have entered into joint venture agreement with W.S. Industries (India) for development of IT/IT enabled services/parks on 6.53 acres of immovable property at Porur, Chennai .

The company further stated that W.S. Industries would implement the project through its subsidiary company WS Insulators.

The company further informed that W.S. Industries would implement the project through its subsidiary company WS Insulators.

"The consummation of the agreement is subject to completion of technical and legal due diligence, satisfaction of conditions precedent and receipt of all necessary approvals,” Prestige Estates said in a statement.

Prestige Group has a diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India.

The company's consolidated net profit slipped 50.1% to Rs 468.40 crore in Q4 FY23 as against Rs 939.30 crore reported in the same period last year. Revenue from operations rose 9.6% year on year (YoY) to Rs 2,631.80 crore in the quarter ended 31 March 2023.