Phoenix Mills Limited Merges Its Subsidiary Company
M & A Critique|October 2019
Phoenix Mills Limited Merges Its Subsidiary Company
The Phoenix Mills Limited (PML), India's largest retail-led mixed-use developer and operator has announced a scheme of amalgamation of its subsidiary company, Phoenix Hospitality Company Private Limited (PHCPL) with PML. Over a period, PML used PHCPL as a holding company for the number of its projects. Part of PHCPL is owned by the promoters of PML directly.

Phoenix Mills Limited is a leading retail mall developer and operator in India and is the pioneer of retail-led, mixed-use developments in India with completed development of over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes.

The company has an operational retail portfolio of approximately 6 million square feet of retail space spread across eight operational malls in six gateway cities of India. The company is further developing five malls with over 4.9 million sq. feet of retail space in five gateway cities of India. Besides retail, the company has an operating commercial office portfolio with a gross leasable area of 1.32 million sq. feet and plans to add approximately 4.0 million sq. feet of commercial office across existing retail properties going forward. The equity shares of the company are listed on nationwide bourses.

Phoenix Mills has announced merger of its subsidiary Phoenix Hospitality Company Pvt Ltd with itself and the merger was approved by the respective boards. PML holds 56.92 per cent stake in PHCPL with 43.08 per cent being held by Ruia International Holding Co Pvt Ltd.

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October 2019