Phoenix Mills will be entering into a strategic alliance with Entertainment World Developers (EWDPL) by acquiring over 42% stake in the company. Phoenix itself, is currently building retail led mixed use development centers in tier I cities under the brand name of Phoenix market city and through partnerships with regional players in the tier II cities.
The 42% stake will be acquired by Phoenix through a combination of fresh cash infusion to acquire equity in EWDPL, and through the merger of certain entities that currently own equity in EWDPL. As a result of the transaction, EWDPL’s post money equity is being valued at Rs 1,250 crore.
EWDPL is a tier II city centric retail mall, mixed use developer, currently engaged in the construction and operation of mixed-use retail centers and townships. Its past projects include Indore’s first and largest retail mall: Treasure Island Indore – a 650,000 sq foot mall cum hotel which was voted the best designed mall in India for the last year. Treasure Island Indore offers five levels shopping, entertainment (a PVR multiplex), hospitality, dining and hosts over 100 retail outlets.