The Phoenix Mills Official LogoPhoenix Mills Ltd has announced that the Company has invested in Palladium Constructions Pvt Ltd and Platinum Hospitality Services Pvt Ltd, 2 project specific SPVs, which have in turn acquired, a parcel of land admeasuring 67,735 sq. mtrs at Rajaji Nagar, Bangalore. Phoenix will own 70% stake in both the Companies.

The cost of the land including stamp duty and registration charges is Rs 352 crores.

Phoenix Market City BangaloreThe location is very central and the Company believes that this property will add great value to the "Market City" concept that the Company is currently developing across the Country.

This development is expected to give the Company a significant branding and profiling as a Retail Format Developer provider in South-India.
Source: Equity Bulls

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