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The Competition Commission of India (CCI) has approved The Phoenix Mills Ltd’s proposed ₹5,450-crore acquisition of a 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL), paving the way for the company to take full control of the joint venture.
Prior to the deal, ISMDPL was a 51:49 joint venture between Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments). With this acquisition, CPP Investments will fully exit the venture, and Phoenix Mills will assume 100% ownership.
ISMDPL is engaged in the development of retail and commercial real estate projects in select Indian cities. The acquisition aligns with Phoenix Mills’ strategy to consolidate its presence in the premium retail and commercial real estate space.
The CCI’s clearance, announced Tuesday, removes a key regulatory hurdle for the transaction, allowing Phoenix Mills to proceed with expanding its portfolio and operational control.
(Source: PTI)
