Phoenix Mills (PML) has formed a 50:50 Joint Venture (JV) with Ahmedabad-based BSafal group to acquire a 5.16-acre land located on Sarkhej - Gandhinagar (SG) Highway in Thaltej, Ahmedabad.
The company will invest approximately Rs 2.30 billion for its 50% stake in the JV. The JV will develop a premium retail destination spread over approximately 0.6 million square feet. This retail development will be operated and managed by PML.
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.
