CCI approved Phoenix Mills’ ₹5,450-crore deal to acquire 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL).
Phoenix Mills currently holds 51% and CPP Investments 49% in ISMDPL.
Competition Commission has cleared The Phoenix Mills Ltd's proposed ₹5,450-crore deal to acquire a 49% stake in its joint venture firm Island Star Mall Developers Pvt Ltd (ISMDPL).
Currently, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51% and 49% stake in ISMDPL, respectively.
Post deal, the company's stake in ISMDPL will rise to 100% as CPP Investments will exit the joint venture.
In a release on Tuesday, Competition Commission of India (CCI) said it has approved the proposed acquisition.
ISMDPL is primarily into the development of commercial and retail real estate in certain cities.
