PML enters into JV to develop premium retail dev in Ahmedabad

The Phoenix Mills (PML) today announced that it has formed a 50:50 joint venture with Ahmedabad-based BSafal group to acquire a 5.16-acre land located on Sarkhej-Gandhinagar (SG) Highway with an investment of Rs 230 crore.

"This investment is in line with our plan to establish presence in emerging tier-1 cities. Ahmedabad has been on our radar for some time as the city has one of the most discerning customers in the country who are young, aspirational, well-travelled and have high propensity to spend. Our proposed premium retail development will cater to upmarket residential areas of Western Ahmedabad as well as the catchment areas," PML Joint Managing Director Shishir Shrivastava said in a release here.

With this foray in Ahmedabad, the company's retail portfolio under development stands at about 4.6 million square feet in addition to its existing operational portfolio of about 6 million square feet, he said.

"This brings us very close to our stated plan of adding 5-6 million sq ft by FY23," he added.

The JV will develop a premium retail destination spread over approximately 0.6 million square feet and this retail development will be operated and managed by PML.