Phoenix Mills Ltd takes full ownership of Classic Mall Development Company
The Phoenix Mills Limited (PML), an Indian mixed-use real estate developer, has taken full ownership of Classic Mall Development Company (CMDCL) by acquiring the remaining 50% for INR 9,360 million.
The stake was acquired from Crest Ventures Limited (46.35%) and its fully-owned subsidiary Escort Developers Private Limited (3.65%).
Phoenix Mills financed the acquisition through internal accruals and cash on the balance sheet.
Classic Mall Development Company is the owner of Phoenix Marketcity Chennai with a chargeable area of around a million square feet in the Velachery area of Chennai.
Phoenix Mills stated: “This development is one of the largest malls in the city and is revolutionising the retail & entertainment experience here. The mall consists flagship stores of renowned international & national brands, cafes and fine dining restaurants, food court, unmatched entertainment and leisure options with a large well-designed multiplex and Family Entertainment Centre.”