Photo : X / @DrBhaskarRaj
Phoenix Mills Ltd, one of India’s leading retail mall developers, is set to take full ownership of Island Star Mall Developers Pvt Ltd (ISMDPL). The move comes as the Canada Pension Plan Investment Board (CPP Investments) exits the joint venture.
The Competition Commission of India (CCI) approved the deal on August 19, 2025. Phoenix Mills will pay ₹5,450 crore to acquire the remaining 49% stake in ISMDPL, which was previously held by CPP Investments. Currently, Phoenix Mills owns 51%, giving it majority control. After the acquisition, Phoenix Mills will hold 100% ownership.
CCI explained that both companies are mainly involved in the development, operation, and leasing of commercial and retail real estate. This includes retail malls, commercial offices, hospitality assets, food and beverage businesses, and residential properties.
Phoenix Mills is a well-known retail and commercial property developer in India. It operates nine malls across cities like Mumbai, Pune, Bengaluru, Lucknow, Chennai, and Bareilly, with a total retail space of about 0.64 million square meters.
Over the years, Phoenix Mills has developed 2.11 million square meters of space across retail, hospitality, commercial, and residential sectors. The company is also working on four new malls under development, which will add roughly 0.45 million square meters of retail space.
This acquisition allows Phoenix Mills to have full control over ISMDPL’s projects and operations. Experts believe that owning 100% of ISMDPL will give the company more flexibility in planning, managing, and expanding its commercial and retail ventures.
After the announcement, shares of Phoenix Mills rose in the stock market on August 20, reflecting investor confidence in the company’s growth strategy.
The deal highlights India’s growing retail and commercial real estate sector. With Phoenix Mills taking full ownership, it can speed up development projects and potentially improve the shopping and commercial experience in cities where it operates.
The acquisition also shows the importance of joint ventures and strategic partnerships in real estate. By completing the buyout, Phoenix Mills demonstrates its commitment to long-term growth and market leadership in retail and commercial properties.
Phoenix Mills’ move to fully acquire ISMDPL is a major step in India’s retail and commercial real estate industry. With full ownership, the company can manage projects more efficiently and plan future expansions with confidence. Investors, customers, and city planners alike are likely to watch closely how Phoenix Mills uses this opportunity to grow its presence in key cities across India.
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