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The Phoenix Mills Limited and Canada Pension Plan Investment Board (CPPIB) have agreed to infuse up to ₹700 crore in their joint venture subsidiary Island Star Mall Developers (ISML) for construction and development of the ongoing projects.
In April 2017, the two companies had entered into definitive agreements to develop, own and operate retail-led mixed-use developments across India. CPPIB had acquired 49 per cent holding in ISML with 51 per cent being held by Phoenix Mills.
“Pursuant to the aforesaid subscription to equity shares on a rights basis by the company and CPPIB, there is no change in the shareholding of the company and CPPIB in ISML,” Phoenix Mills said in a stock exchange filing.
ISML was formed in 2017 to develop, own and operate retail-led, mixed-use developments across India. Phoenix Marketcity in Whitefield Bangalore served as the seed asset for the alliance. In addition to owning and operating Phoenix Marketcity, ISML owns and is currently developing three retail-led, mixed-use developments at Wakad Pune, Hebbal Bangalore and Indore. In May, a second joint venture between PML and CPP Investments was formed to develop a regional retail centre in Alipore, Kolkata. The third venture was announced in November to develop an office-led mixed-use asset in Lower Parel, Mumbai.
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