The Phoenix Mills Limited has informed the Exchange about receipt of approval of Competition Commission of India vide its letter dated today i.e. 19th August 2025 to the proposed Transaction relating to the proposed arrangement to provide exit to Canada Pension Plan Investment Board ( CPP Investments ) from its 49% equity shareholding in Company s material subsidiary, Island Star Mall Development Private Limited, subject to the approval of Shareholders and necessary regulatory approvals.
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The Phoenix Mills Limited has received approval from the Competition Commission of India (CCI) dated August 19, 2025, for a proposed transaction that will provide an exit to Canada Pension Plan Investment Board (CPP Investments) from its 49% equity shareholding in the company's material subsidiary, Island Star Mall Development Private Limited. This means Phoenix Mills will likely consolidate 100% ownership of this subsidiary, which is a key real estate/mall development entity. The transaction still requires shareholder approval and other regulatory clearances before it can be completed. This follows the board's earlier approval of the proposed arrangement on July 24, 2025.
This is a positive development for Phoenix Mills shareholders as it simplifies the group structure and will give the company full control over a key subsidiary. The deal is progressing well, with one major regulatory hurdle cleared, but the final financial terms and timing depend on shareholder and remaining regulatory approvals.