Phoenix Mills’ arm gets nod to acquire land parcel in Thane

09 Nov 2023 Evaluate

Phoenix Mills’ wholly owned subsidiary -- Sparkle Two Mall Developers has received approval for acquisition of a land parcel owned by Huhtamaki India (Seller), situated at Majiwada Junction, LBS Marg, Near G G Corporation, Village Majiwada, Taluka Thane, District Thane for an aggregate consideration of Rs 429 crore through the execution of four conveyance deeds.

The Purchaser has paid an amount of Rs 400.87 crore under two conveyance deeds. Out of an amount of approximately Rs 28.13 crore due under the other two conveyance deeds, an amount of Rs 5.95 crore has been paid, with the balance amount being payable upon fulfilment of the conditions agreed upon by and between the parties. 

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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