Phoenix Mills Gains Full Control of Island Star Mall

The Competition Commission of India has approved The Phoenix Mills Ltd's acquisition of a 49% stake in Island Star Mall Developers Pvt Ltd from the Canada Pension Plan Investment Board for Rs 5,450 crore, granting Phoenix Mills full ownership of the company.

The Competition Commission of India has officially approved The Phoenix Mills Ltd's significant acquisition deal concerning Island Star Mall Developers Pvt Ltd (ISMDPL). The acquisition, valued at Rs 5,450 crore, involves Phoenix Mills obtaining the 49 per cent stake currently held by the Canada Pension Plan Investment Board (CPP Investments).

Previously, Phoenix Mills controlled 51 per cent of ISMDPL, with CPP Investments holding the remaining 49 per cent. Following this transaction, Phoenix Mills will acquire total ownership, effectively bringing its stake in ISMDPL up to 100 per cent.

Primarily focused on the commercial and retail real estate sectors in various cities, ISMDPL will now fall entirely under the management of Phoenix Mills in light of this strategic acquisition.

(With inputs from agencies.)