The Phoenix Mills (PML) has completed acquisition of balance 50% equity stake in Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers (a 100% subsidiary of Crest Ventures). Prior to this, PML owned 50% in CMDCL and the balance 50% was owned by Crest Ventures (46.35%) and Escort Developers (3.65%). CMDCL is now a wholly owned subsidiary of PML.
PML has paid Rs 936 crore to acquire the 50% stake held by Crest Ventures and Escort Developers. The Company has funded the acquisition by way of internal accruals and cash on balance sheet.
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.
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