Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
GIC invests Rs.400-Cr more in 3 Phoenix Mills subsidiaries
The Singapore government's sovereign wealth fund GIC has made an additional equity investment of INR 400 crore across three subsidiaries of publicly listed retail mall development firm, The Phoenix Mills. GIC has invested in these subsidiaries through its indirectly wholly-owned entity Reco Zinnia Pvt Ltd (RZPL). The Phoenix Mills' subsidiaries - Offbeat Developers Pvt Ltd (ODPL), Graceworks Realty and Leisure Pvt Ltd (GRLPL) and Vamona Developers Pvt Ltd (VDPL) - have received equity investments of INR 219 crore, INR 149 crore and INR 31 crore, respectively. With this investment, GIC's stake in each of these subsidiaries has risen to 32.90%, while Phoenix Mills owns the balance 67.10%. Last year, GIC had invested INR 1,111 crore across the three Phoenix Mills units acquiring an equity stake of nearly 26.44% in each. https:
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.