Phoenix Mills has executed a non-binding term sheet to acquire, directly and/or indirectly through its affiliates, the balance 50% equity shareholding of Crest Ventures and Escort Developers held in Classic Mall Development Company (CMDCL) for a total aggregate consideration of Rs 918 crore. Currently, the company owns 50% equity shareholding in CMDCL, an associate of the Company, and the balance i.e., 46.35% is owned by Crest Ventures, and 3.65% is owned by Escorts Developers (a 100% subsidiary of Crest Ventures).
The proposed acquisition by the Company will be effected on such terms and conditions as may be contained in the Share Purchase Agreement to be executed by the parties to the transaction. Subsequent to the completion of aforesaid acquisition, the shareholding of the Company in CMDCL directly or indirectly will increase from 50% to 100% and it will become a subsidiary of the Company. The acquisition is expected to be completed by April 2022.
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.
