Portfolio
The Phoenix Mills Limited
Project Details:
Asset Class : Entity Level Investment
Land : NA
Leasable / Saleable Area : NA
Location : Pan India
Indian Portfolio Company : The Phoenix Mills Limited
Development Partner : The Phoenix Mills Limited
Investment Date : June 2007
Funds Invested : EUR 3.73 million
Funds Disbursed : EUR 3.73 million
Equity Stake : 0.44%

Partner Profile

Yatra invested in The Phoenix Mills Limited ("Phoenix") for a 0.44% stake as a part of a preferential allotment offered by the company in June 2007. Phoenix Mills is listed on the Bombay Stock Exchange and the National Stock Exchange. Other institutional investors in the company include Citigroup Global Markets, Rhodes Diversified, Americorp Ventures and Morgan Stanley & Co.

Phoenix is a leading developer of retail and mixed-use projects in India. The company is promoted by the Ashok Kumar Ruia group, a leading business house with diversified interests in textiles, chemicals, commodities and agriculture. The company's real estate business is spearheaded by Atul Ruia, a Wharton Business School alumnus.

Phoenix's flagship project, High Street Phoenix Mumbai, which is among the first malls in the country, is a landmark retail destination. Located in Central Mumbai and spread over 17.3 acres, the project comprises an office block, a five-star hotel to be operated by Shangri-La, a multiplex to be operated by PVR Cinemas (a listed film exhibition company) and an entertainment complex.

Phoenix has developed large-scale retail-led mixed-use projects under the brand Market City in city centre locations in Mumbai, Pune, and Bangalore; over the last few months, these 3 malls have opened for trading. With additional retail spaces getting operational across these malls and greater certainty around the revenues the share price is expected to appreciate further. The Market City project in Chennai is at advanced stages of construction. The group is also developing destination malls in several Tier II & Tier III cities across the country through its various subsidiaries.

Yatra has announced the disposal of its entire entity level stake in the Company in June 2014 and has received sales proceeds of EUR 2.22 million.

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