Phoenix Mills’ (PML) wholly owned subsidiary -- Insight Hotels & Leisure has acquired an under-construction retail asset in Indore. PML has acquired the asset for Rs 2.34 billion in an auction conducted by an Asset Reconstruction Company.
This brownfield expansion will add around 1.1 million sq. ft. to PML's retail asset portfolio. The site offers a further development potential of around 800,000 sq. ft.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
