The Phoenix Mills (PML) has acquired an additional 29.29% stake in Offbeat Developers (ODPL) from another shareholder, IL&FS Financial Services. PML currently holds 23.94% stake in ODPL, an associate of the company and pursuant to this acquisition its stake in ODPL stands increased to 53.23%. Accordingly, ODPL has become a subsidiary of the company with effect from October 14, 2013.
ODPL has developed and operates ‘Phoenix Market City Mumbai’ at Kurla, Mumbai, with an integrated mixed-use model comprising retail, commercial, entertainment and fine-dining outlets.
The 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.
