M&A

M&A

Phoenix Mills to acquire balance 50% stake in Classic Mall for Rs.918-Cr

BSE Release  

Mumbai-based, publicly-listed The Phoenix Mills Ltd (PML) is to acquire the balance 50% equity stake in Classic Mall Development Co Ltd (CMDCL) from Crest Ventures Ltd (CVL) and Escort Developers Pvt Ltd for INR 918 crore. CMDCL owns Phoenix Marketcity Chennai with chargeable area of approximately 1 m sq ft in Velachery, a prime consumption hub. PML currently owns 50% in CMDCL and the balance stake is owned by CVL (46.35%) and Escorts Developers (3.65%). Escorts Developers is a 100% subsidiary of CVL. CMDCL had an annual turnover of INR 119.04 crore as on March 31, 2021.