The Hindu Business Line : Ampa Mall promoters plan to dilute stake in venture

Chennai, July 1 The promoters of the soon-to-be-launched integrated shopping mall ‘Ampa Mall’ in Chennai, Ampa Housing Development Pvt Ltd, is planning to hive off the Rs 120-crore mall into a separate entity and dilute its stake in the venture.

“We have a proposal to dilute 40 per cent equity stake in the venture to strategic investors. We have just initiated talks with a couple of private equity players,” said Mr Ampa Palaniappan, Managing Director, Ampa Housing.

However, declining to spell out more details on this, he said it will be too premature to say anything on this now. “Currently, our priority is to launch the mall before the end of this year,” he said.

The eight-level (including two basement levels), 6.5 lakh sq. ft Ampa Mall will have retail outlets, entertainment zones, a 20-room boutique hotel, a seven-screen multiplex and food courts.

Mr Palaniappan said almost 90 per cent of the property has been leased out for three to 21 years to various big brands. “We are hopeful of identifying suitable partners to occupy the rest of the space very soon.”

According to him, Tata’s hypermarket venture Star Bazaar has taken 56,000 sq. ft and Trent Ltd’s Westside has also taken 36,000 sq. ft and Landmark (again part of Trent Ltd) has taken 20,000 sq. ft.

PVR Cinema will run the multiplex.

The mall will also feature a bowling alley and other games zones in 10,000 sq. ft. There will be a total of 20 food courts run by various national and international brands, including KFC, McDonald’s .

“More importantly the mall will have multi-level parking lots which will accommodate a total of 1,000 cars,” Mr Palaniappan said. The company has also appointed Jones Lang LaSalle Meghraj to maintain the property.

According to Mr Palaniappan, currently interior works are on in the building and some of the floors will be handed over to the clients in a month’s time. “Our idea is to launch the first phase of the mall (four floors) before Diwali this year.”

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