Phoenix Mills Arm To Invest ₹47.3 Million In JSW Group-Backed Solar Venture

The Phoenix Mills Ltd. on Wednesday said its subsidiary Pallazzio Hotels and Leisure Ltd. has signed an agreement to invest ₹47.3 million in JSW group-backed O2 Renewable Energy Pvt. Ltd., which is developing a captive solar power project.

As per the agreement, Pallazzio will subscribe to 473,000 equity shares and 42,570 Series B compulsory convertible debentures of O2 Renewable Energy. The deal is expected to close within 90 business days.

Following the investment, Pallazzio's shareholding in the solar venture will be maintained between 40% and 45% on a fully diluted basis. JSW Neo Energy Ltd., a group company of JSW, is the promoter of O2 Renewable Energy.