Phoenix Mills doesn't see itself returning to normalcy before FY22

Firm is readying a war chest to pay back debt or buy new properties

Phoenix Mills, one of the biggest mall developers in the country, does not see business returning to normal before the next financial year (2021-22, or FY22).

While malls in many states were shut even before the lockdown was announced on March 24 this year, they have become operational in some states such as Uttar Pradesh, where Phoenix Mills has its properties.

“We hope FY22 will see normalcy, and bring us back to the levels of 2018-19, if not 2019-20 (FY20),” said Shishir Shrivastava, managing director (MD) of the company in a conference call earlier this month.

Phoenix Mills has reached