**The Phoenix Mills Ltd Completes Key Step to Fully Acquire ISMDPL from CPP Investments**

The Phoenix Mills Ltd (PML) has announced the signing of a Share Purchase Agreement with the Canada Pension Plan Investment Board (CPP Investments) and its material subsidiary, Island Star Mall Developers Pvt. Ltd. (ISMDPL), on November 12, 2025. Under the agreement, PML will acquire **62.67 lakh equity shares** of ISMDPL from CPP Investments for a total consideration of **₹275.74 crore** in cash. This acquisition forms part of a broader plan outlined earlier in July 2025, under which PML aimed to provide CPP Investments with a complete exit from its **49% stake** in ISMDPL. Following a recent buyback by ISMDPL, PML’s stake had already increased from 51% to **55.57%**, and post this transaction, it will move towards **100% ownership**, making ISMDPL a **wholly owned subsidiary**. ISMDPL owns and operates the premium retail property *Phoenix MarketCity Bengaluru* and has three subsidiaries — Alyssum Developers, Sparkle One Mall Developers, and Insight Mall Developers — managing landmark malls in Pune, Bengaluru, and Indore. The acquisition, approved as a **Related Party Transaction** by the Audit Committee, Board, and shareholders, aligns with Phoenix Mills’ strategy of consolidating control over its retail assets. The transaction is expected to be completed within **five days** of execution, further strengthening the company’s retail portfolio and earnings visibility across major Indian metros.