Phoenix Mills Subsidiary Acquires Coimbatore Land Entities For Rs 370 Crore

The Phoenix Mills Ltd.'s subsidiary Astrea Real Estate Developers Pvt. has acquired five land-owning entities in Coimbatore for Rs 370 crore. This acquisition includes both share purchases and direct land acquisitions, as per an exchange filing on Wednesday.

The company has acquired 100% equity share capital of Dhanalakshmi Engineering Pvt., Pulankinar Investment and Finance Pvt., Coimbatore Sameera Investments Pvt., Shanthi Chandran Enterprises Pvt., Shanthi Chandran Investments Coimbatore Pvt., and Sheela Traders Pvt. under a share purchase agreement dated Aug. 7.

The target entities are land-owning companies and collectively hold 7.08 acres of land in Coimbatore. Astrea has acquired the 7.08 acres of land and also directly acquired 1.95 acres of land from individual owners, bringing the total to 9.03 acres.

"We are pleased to announce our acquisition in Coimbatore for a greenfield retail development project," said Shishir Shrivastava, managing director at The Phoenix Mills.

Shares of The Phoenix Mills closed 0.72% higher at Rs 3,270.55 apiece, as compared with a 1.11% advance in the BSE Sensex.