Phoenix Mills to Acquire CPP Stake in Island Star Mall for ₹54.59 Billion

Phoenix Mills Ltd. said Thursday its board has approved the acquisition of a 49% stake in Island Star Mall Developers Pvt. Ltd. from Canada Pension Plan Investment Board for ₹54.59 billion, to be paid in four tranches over three years.

Phoenix Mills currently holds 51%, and the transaction will make Island Star Mall a wholly owned subsidiary. The deal is subject to shareholder and regulatory approvals.

The move aligns with Phoenix Mills’ strategy to consolidate ownership in high-performing assets under the Island Star Mall Developers platform, which includes the Bengaluru-based Phoenix MarketCity. The mall reported a turnover of ₹2.84 billion for 2024–25, up from ₹2.78 billion in 2023–24.