Phoenix Mills Completes Strategic Acquisition from CPP Investments for Full Ownership of ISMDPL, ETRealty

NEW DELHI: The Competition Commission of India (CCI) the proposed arrangement to provide exit to Canada Pension Plan Investment Board (CPP Investments) from its 49% equity shareholding in Island Star Mall Development (ISMDPL), a material subsidiary of The Phoenix Mills (PML), the company informed in a BSE filing.

PML will acquire the stake for a total consideration of ₹5,449.16 crore and will assume full ownership and sole control of ISMDPL.

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.

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