Phoenix Mills Ltd has informed that the Board of Directors of the Company at its meeting held on October 24, 2007, had decided to invest in Big Apple Real Estate Pvt Ltd, the owners of the United Malls brand, with an intention to acquire a majority equity stake of over 60% in the said Company.
In this regard the Company has issued the following press release: Phoenix Mills Ltd (Phoenix) has announced its intention to acquire a majority equity stake of over 60% in Big Apple Real Estate Pvt Lid, (Big Apple) the owners of the United Malls brand.
The stake is being acquired through the swap of Phoenix's stake in its Agra project (Market City in Agra) into Big Apple and through an infusion of around Rs 800 million as fresh capital.
This acquisition is in line with the Phoenix's strategy to become the largest developer of mixed-use retail led centers in India. Creating valuable partnerships with developers such as Big Apple enables Phoenix to further extend its presence across the nation and fortify its position as the leading retail centric mixed-use format player in the country.
Big Apple has plans to build retail malls across north India, particularly in the state of Uttar Pradesh (UP) covering cities / towns including Lucknow, Agra, Bareilly, Varanasi amongst others.
The funds infused by Phoenix are likely to be deployed across Big Apple's projects in Meerut, building the second large mall in Lucknow, and to move forward with the plans for Gorakhpur, Allahabad, Kanpur and Dehradun.
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