Partner Profile

Yatra invested in The Phoenix Mills Limited ("Phoenix") for a 0.47% stake as a part of a preferential allotment offered by the company in June 2007. Phoneix 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.

The investment substantially enhances Yatra's retail portfolio in India's growing retail sector. KSA Technopak has estimated organised retailing in India to grow from USD 17 billion to USD 51 billion by 2010.

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 under-construction), a multiplex to be operated by PVR Cinemas (a listed film exhibition company) and an entertainment complex.

Phoenix is developing large-scale retail-led mixed-use projects in four cities across the country under the brand Market City in city centre locations: Mumbai, Pune, Bangalore and Chennai. The projects will include retail, commercial, entertainment and hotel facilities designed to be "a city within a city". The group is also developing destination malls in several Tier II & Tier III cities across the country through its various subsidiaries.

This strategic investment has enabled Yatra to participate which Phoenix at a project level in cities such as Bangalore, Pune and Agra. Yatra is also evaluating further investment opportunities with Phoenix across the country.