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Mumbai, May 15 Atul Ruia-promoted real estate company, Phoenix Mills, announced the market launch of its high-end exclusive luxury mall here on Thursday.

The Rs 200 crore mall – Palladium - coming up at the mill campus, will spread to the third level of the Rs 600 crore five-star hotel, Shangri-La, also being constructed on the premises. The mall is slated for opening in March 2009 and the 45-storeyed hotel in 2010.

The hotel and mall together will be a stand-alone entity. Covering a retail space of two lakh sq ft, comprising 55 stores, the mall will house international brands.

Mr Atul Ruia, Managing Director, Phoenix Mills Ltd, said, “Our group is developing about 100 million sq ft of land throughout India through independent and joint ventures, with 25 malls and eight luxury hotels under construction. Having been in the retail space for over a decade, combined with our experience in retail and mall management, we have a unique and the right team to initiate this project.

We are committed to offering luxury brands a space to showcase themselves in a befitting environment, making Palladium the ideal destination.”

Ms Gayatri Ruia, Business Development Director, Palladium, opened the Palladium for bookings.

The mall will have value additions such as personal shopping assistance, dedicated and ample parking area, forex counters and banking, VIP lounges, luxury salons, upscale eateries, baby care facilities.

(This article was published in the Business Line print edition dated May 16, 2008)
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