Phoenix Mills, CPPIB to invest Rs.700-Cr in JV entity Island Star Mall Developers

The Phoenix Mills Ltd and Canada Pension Plan Investment Board (CPPIB) are to infuse INR 700 crore via a rights issue in their (51:49) joint venture, Island Star Mall Developers (ISML). The funds would be used for the construction and development of the ongoing projects. deployment towards construction and development of the on‐going projects of its subsidiaries at Wakad‐ Pune, Hebbal‐ Bangalore and Indore‐ Madhya Pradesh and for other mutually agreed purposes. In April 2017, the two companies had entered into a JV agreement to develop, own and operate retail-led mixed-use developments across India under ISML. The latest infusion completes their respective investment obligations towards ISML.