Phoenix Mills gains on acquisition

Phoenix Mills in a communication has told Dalal Street that they will acquire the majority stake in Big Apple Real Estate through the swap of Phoenix’s stake in its Agra project (Market City in Agra) and through an infusion of around Rs 80 crore as fresh capital.

The funds infused by Phoenix are likely to be deployed across Big Apple’s projects in Meerut, in building a second large mall in Lucknow, and also in its proposed projects in Gorakhpur, Allahabad, Kanpur and Dehradun.

Phoenix Mall in Mumbai is one of the most expensive Retail spaces in India.