Phoenix Mills has entered into a Share Purchase Agreement (SPA) with Insight Mall Developers, its wholly-owned subsidiary (Insight) and Island Star Mall Developers, its subsidiary (Island), for sale/disposal of the entire equity holding in Insight by the company, in favour of Island.
Pursuant to the aforesaid SPA, the company has transferred its entire equity holding in Insight to Island on December 11, 2018. Therefore, post the aforesaid transfer, Insight has ceased to be the company's wholly-owned subsidiary and has become a step down subsidiary of the company with effect from December 11, 2018.
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.