The Hindu Business Line : Phoenix Mills mulls stake in EWDPL

Phoenix Mills Ltd has said that it will enter into a strategic alliance with Entertainment World Developers Pvt Ltd (EWDPL) by acquiring over 42 per cent stake. The stake will be acquired by Phoenix through a combination of fresh cash infusion and through merger of certain entities that now own equity in EWDPL. As a result of the transaction, EWDPL’s post money equity is being valued at Rs 1,250 crore, Phoenix Mills told the BSE. EWDPL is a Tier II city centric retai l mall, mixed use developer, engaged in the construction and operation of mixed-use retail centres and townships. Phoenix is building retail led mixed use development centres in tier I cities under the brand name of ‘Phoenix Market City’ and through partnerships with regional players in the tier II cities. Mr Atul Ruia, Director, Phoenix Mills Ltd, said, “It is our clear intention to emerge as a powerhouse in the retail mall business across India. While we will continue to focus on building large format retail centres, we will also spread our presence across the nation through our regional partnerships and development initiatives.”

– Our Bureau

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