Coimbatore: Phoenix Mills acquires 9.03 acres land
Real Estate

Coimbatore: Phoenix Mills acquires 9.03 acres land

Astrea Real Estate Developers (Astrea), a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres land in Coimbatore through a mix of share purchases and direct land acquisitions for Rs 3.7 billion. PML holds 67.1% equity stake in Astrea.

Shishir Shrivastava, managing director of the company said, "We are pleased to announce our acquisition in Coimbatore for a greenfield retail development project. This mall will be our second retail development in Tamil Nadu, following the success of our first development in Chennai, namely Phoenix MarketCity and Palladium Chennai."

In the regulatory filing, the company informed that Astrea has completed the acquisition of 100% equity share capital of Dhanalakshmi Engineering (DEPL), Pulankinar Investment and Finance (PIFPL), Coimbatore Sameera Investments (CSIPL), Shanthi Chandran Enterprises (SCEPL), Shanthi Chandran Investments Coimbatore (SCICPL) and Sheela Traders (STPL). Accordingly, these entities have become wholly-owned subsidiaries of Astrea and stepdown subsidiaries of the company with effect from August 07, 2024.

The entities are land owning companies and collectively hold 7.08 acres of land in Coimbatore. Astrea has acquired the said land of 7.08 acres and has also directly acquired 1.95 acres of land from certain individuals. Thus, Astrea has in aggregate acquired 9.03 acre land parcel. In a separate regulatory filing, PML informed that it, Reco Zinnia (Reco) and Astrea have entered into and executed securities subscription agreement and joint venture agreement. Subsequent to the completion of the investment, PML and Reco hold 67.10% and 32.90% respectively in the paid up equity share capital of Astrea.

Astrea Real Estate Developers (Astrea), a subsidiary of The Phoenix Mills (PML), has acquired 9.03 acres land in Coimbatore through a mix of share purchases and direct land acquisitions for Rs 3.7 billion. PML holds 67.1% equity stake in Astrea. Shishir Shrivastava, managing director of the company said, We are pleased to announce our acquisition in Coimbatore for a greenfield retail development project. This mall will be our second retail development in Tamil Nadu, following the success of our first development in Chennai, namely Phoenix MarketCity and Palladium Chennai. In the regulatory filing, the company informed that Astrea has completed the acquisition of 100% equity share capital of Dhanalakshmi Engineering (DEPL), Pulankinar Investment and Finance (PIFPL), Coimbatore Sameera Investments (CSIPL), Shanthi Chandran Enterprises (SCEPL), Shanthi Chandran Investments Coimbatore (SCICPL) and Sheela Traders (STPL). Accordingly, these entities have become wholly-owned subsidiaries of Astrea and stepdown subsidiaries of the company with effect from August 07, 2024. The entities are land owning companies and collectively hold 7.08 acres of land in Coimbatore. Astrea has acquired the said land of 7.08 acres and has also directly acquired 1.95 acres of land from certain individuals. Thus, Astrea has in aggregate acquired 9.03 acre land parcel. In a separate regulatory filing, PML informed that it, Reco Zinnia (Reco) and Astrea have entered into and executed securities subscription agreement and joint venture agreement. Subsequent to the completion of the investment, PML and Reco hold 67.10% and 32.90% respectively in the paid up equity share capital of Astrea.

Next Story
Infrastructure Transport

HMRTC to Extend Metro from Gurugram to Jhajjar

The Haryana Mass Rapid Transport Corporation (HMRTC) is progressing with plans to extend the Gurugram Metro from Basai to Bhadsa in Jhajjar, with the ridership survey expected to be completed by the end of January, according to HMRTC officials. In March, the authority had requested Railway India Technical and Engineering Services (RITES) to conduct a ridership survey, which will play a crucial role in finalising the project. The proposed route, covering 23.1 km from Basai to Bhadsa, will alleviate heavy traffic on this stretch. The ridership survey will determine whether the extension should p..

Next Story
Building Material

Siam Cement BigBloc Construction bags Tata Project’s order

SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat based BigBloc Construction and Thailand’s SCG International Corporation, has secured a work order from Tata Projects for supply and installation of AAC Panels for India’s first Semiconductor unit of Micron India in Sanand, Gujarat. The work order of approx. 2 lakh square feet is for supply and installation of 100 mm AAC panels for Micron India’s semiconductor factory at Sanand. The work order was finalized after several rounds of meetings, thorough due diligence, and factory visits, including review of mock-u..

Next Story
Infrastructure Urban

Zoomlion Releases World's Tallest Straight Boom Aerial Work Platform

Zoomlion Heavy Industry Science & Technology has released a series of groundbreaking aerial work platform (AWP) products, including the world's tallest straight boom aerial work platform, the ZT82J, with a height of 82.3 m. These innovative products further solidify Zoomlion's leadership in the AWP sector and underscore its commitment to global market development. The ZT82J marks Zoomlion's third instance of setting a world record in straight boom AWP following the 68-meter and 72-meter products. The 82.3-meter AWP boasts a platform amplitude of 34.1 meters, a maximum working load of 454 kilog..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000