Phoenix Mills gains on expansion plans across metros

Phoenix Mills has gained nearly 1% at Rs 194.95 in morning trades after the Mumbai-based company announced its expansion plans across the country. The company plans on setting up shopping malls, 'Phoenix Market City', in major cities like Mumbai, Bangalore and Chennai by March 2012.

Recently, Phoenix Market City opened up in Pune with a total investment of Rs 700 crore spread over 30 lakh square feet area in Viman nagar. The company is expecting to generate a revenue of Rs 100 crore from the Pune-based mall.

Speaking on the development, Atul Ruia, managing director, Phoenix Mills Ltd. said, "Phoenix Market City, Pune is a significant step in building a blueprint for future Phoenix developments around the nation and allows us to leverage our expertise in real estate development. This lifestyle destination, a futuristic mixed-use led retail development format represents an important milestone in Phoenix Mill's strategy to diversify in growing markets. This concept is driven by the growing observation that the Indian consumers today are looking for not only one-stop destination that offer high-end shopping, but also a place that offers a holistic lifestyle and leisure experience."

Meanwhile, Phoenix is also planning to develop two five star hotels within the market city.

The scrip opened at Rs Rs 194.25 and has, so far, touched the day's high at Rs 195. Around 312 shares had changed hands on the BSE and NSE counter till 0944 hours.