Curation Team
NEW DELHI: The Phoenix Mills (PML) will acquire Canada Pension Plan Investment Board’s (CPP Investments) 49% equity stake in its material subsidiary, Island Star Mall Developers (ISMDPL), for a total consideration of ₹5,449.16 crore.
Following the transaction, PML will assume full ownership and sole control of ISMDPL, which will become a wholly-owned subsidiary.
The transaction, approved by the company’s board and audit committee, will be executed in four tranches over a period of three years. The consideration may be paid through a mix of dividend declarations, buyback of shares, capital reduction by ISMDPL, direct or indirect share purchase by PML, or any mutually agreed mechanism in line with applicable laws.
ISMDPL, engaged in managing and leasing Phoenix MarketCity in Bengaluru, also controls subsidiaries including Alyssum Developers (Phoenix Mall of Millennium, Pune), Sparkle One (Phoenix Mall of Asia, Bengaluru), and Insight Mall Developers (Phoenix Citadel, Indore). These assets collectively form the ISMDPL platform. The company reported a consolidated turnover of ₹919.7 crore in FY25, up from ₹612.2 crore in FY24 and ₹302.9 crore in FY23.
The company said that the acquisition aligns with its strategy to consolidate ownership of high-performing retail assets and will enhance long-term shareholder value.
The valuation for the transaction was carried out by Bansi S. Mehta Valuers LLP and a fairness opinion was provided by Morgan Stanley India.
