Phoenix Mills Signs Commercial Joint Venture Deal in Ahmedabad

Phoenix Mills Signs Commercial Joint Venture Deal in Ahmedabad

Phoenix Mills Enters Ahmedabad Retail Market Through Joint Venture. The Phoenix Mills Limited (PML), a leading retail mall developer in India, has announced a strategic move to expand into Ahmedabad. The PML has signed a commercial Joint Venture deal in Ahmedabad with BSafal Group to develop a retail mall.

Key Points:

• Partnership: PML has formed a 50:50 joint venture with Ahmedabad-based BSafal Group.
• Investment: Rs 2.30 billion by PML for its 50% stake.
• Land Acquisition: 5.16-acre land parcel located on Sarkhej-Gandhinagar Highway in Thaltej.
• Project: Development of a premium retail destination (approximately 0.6 million sq ft).
• Management: The retail development will be operated and managed by PML.

Ahmedabad Market Potential:

• Ahmedabad is the largest city in Gujarat and a growing economic hub.
• The city boasts a discerning customer base with high spending potential.
• The project targets affluent residential areas and key commercial districts within a 20-22 minute drive.

PML’s Growth Strategy:

• This project aligns with PML’s plan to establish a presence in emerging tier-1 cities.
• With this addition, PML’s retail portfolio under development reaches approximately 4.6 million sq ft.
• This brings them closer to their goal of adding 5-6 million sq ft by FY23.

Overall, this joint venture signifies Phoenix Mills’ commitment to expanding its retail footprint across India. The Ahmedabad project is expected to cater to the city’s growing demand for high-quality retail experiences.

 

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in