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The Phoenix Mills said that its board has approved the proposed transaction for the buy-out of the 49% shareholding of CPP Investments. Post completion, PML’s ownership in ISMDPL will increase from 51% to 100%.
Atul Ruia, Chairman at The Phoenix Mills Limited, said: “ISMDPL marked the beginning of our long-standing partnership with CPP Investments. What started with a single asset has grown into a portfolio of premium, retail-led mixed-use developments across key urban centres. As we consolidate our stake in the JV, we remain focused on building on this strong foundation and creating some of the most vibrant and high-performing mixed-use destinations in the country.”
“The Indian retail sector has experienced consistent growth, driven largely by favourable demographics and the expanding middle class,” said Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments.
“Through our long-standing partnership with Phoenix Mills, a seasoned retail-led mixed-use operator in India, we have been able to capture opportunities within this market. This investment generated strong returns for the CPP Fund. With net assets totalling C$30 billion in India, we continue to explore investment opportunities in the country across industries.”
After the transaction, CPP Investments and PML continue to have other joint ventures in India, including a regional retail centre in Kolkata and an office-led mixed-use asset in Mumbai.
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