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Phoenix Mills to acquire CPP Investments' 49% in Island Star JV for Rs 5,449 Crore
M & A Critique
|August 2025
Retail-led mixed use realty developer The Phoenix Mills Ltd (PML) will acquire the 49% stake held by Canada Pension Plan Investment Board (CPP Investments] in their joint venture Island Star Mall Developers Pvt Ltd (ISMDPL), for over Rs 5,449 crore
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The total consideration payable to CPP Investments will be paid over a 36-month period in four tranches. With this transaction, Phoenix Mills' ownership in ISMDPL will increase from 51% to 100% making it a wholly owned subsidiary of the company.
The structure of the deal includes a mix of buyback, capital reduction, dividend payout by ISMDPL, and/or a secondary share purchase by Phoenix Mills or its affiliates. The amount may be adjusted in case of prepayment of any tranche.
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