praveen
04-12-2007, 07:54 AM
Phoenix Mills, one of the leaders in the large retail-led mixed-use development segment, has acquired a 60% stake in Big Apple Real Estate, the owners of the United Malls brand in Uttar Pradesh. The stake is being acquired through the swap of Phoenix’s stake in its Market City project in Agra to Big Apple and through an additional infusion of Rs 80 crore as fresh capital.
Confirming the development, Phoenix Mills director Atul Ruia said the acquisition is in line with the strategy to become the largest developer of mixed-use retail-led centres in India. “Our equity partnership with Big Apple will enable Phoenix further extend its presence across the nation and fortify our position as the leading retail centric mixed-use format player in the country,” Mr Ruia said. Big Apple has plans to build retail malls across north India, particularly in UP covering cities including Lucknow, Agra, Bareilly, Varanasi.
The fund infusion is likely to be deployed across Big Apple’s projects in Meerut, building the second-largest mall in Lucknow, and to move forward with plans for Gorakhpur, Allahabad, Kanpur and Dehradun.
Confirming the development, Phoenix Mills director Atul Ruia said the acquisition is in line with the strategy to become the largest developer of mixed-use retail-led centres in India. “Our equity partnership with Big Apple will enable Phoenix further extend its presence across the nation and fortify our position as the leading retail centric mixed-use format player in the country,” Mr Ruia said. Big Apple has plans to build retail malls across north India, particularly in UP covering cities including Lucknow, Agra, Bareilly, Varanasi.
The fund infusion is likely to be deployed across Big Apple’s projects in Meerut, building the second-largest mall in Lucknow, and to move forward with plans for Gorakhpur, Allahabad, Kanpur and Dehradun.