- 20 Sep 2024
- ICICI Securities
PHOENIX MILLS: EMERGES HIGHEST BIDDER FOR LAND WORTH ₹891 CRORE
News: Casper Realty Private Limited, a wholly owned subsidiary of Phoenix Mills, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab for a combined bid value of approximately ₹891 crore. These plots cumulatively measure ~13.14 acres were auctioned by Greater Mohali Development Area Authority ("GMADA"). Phoenix Mills intends to develop an iconic retail-led, mixed-use development on this land parcel.
Views: In the last one year, this is the fourth land acquisition, following the land acquisitions in Thane (November 2023), Bangalore (April 2024) and Coimbatore (August 2024). It is targeting an operational portfolio of ~14 million square feet of retail by FY28 and continue to execute previously stated strategy of retail-led mixed-use portfolio expansion in market leading destinations in cities of India beyond the same through the above mentioned land acquisition.
Impact: Positive