Phoenix Mills CCI Nod for Island Star Stake Buy
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CCI approves Phoenix Mills' Rs 5,450-cr acquisition of 49% stake in Island Star Mall Developers. CPP Investments to exit joint venture.
New Delhi, Aug 19 (PTI) Competition Commission has cleared The Phoenix Mills Ltd's proposed Rs 5,450-crore deal to acquire a 49 per cent stake in its joint venture firm Island Star Mall Developers Pvt Ltd (ISMDPL).
Currently, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51 per cent and 49 per cent stake in ISMDPL, respectively.
Post deal, the company's stake in ISMDPL will rise to 100 per cent as CPP Investments will exit the joint venture.
In a release on Tuesday, Competition Commission of India (CCI) said it has approved the proposed acquisition.
ISMDPL is primarily into the development of commercial and retail real estate in certain cities.
Currently, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51 per cent and 49 per cent stake in ISMDPL, respectively.
Post deal, the company's stake in ISMDPL will rise to 100 per cent as CPP Investments will exit the joint venture.
In a release on Tuesday, Competition Commission of India (CCI) said it has approved the proposed acquisition.
ISMDPL is primarily into the development of commercial and retail real estate in certain cities.
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