CCI approves the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited.

CCI approves the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited.

The Competition Commission of India has approved the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited.

The proposed combination comprises Canada Pension Plan Investment Board (i.e, Seller) completely exiting from its equity investment of 49% in the Target and The Phoenix Mills Limited (Acquirer) itself (or through its Affiliates) becoming the 100% shareholder and thereby acquiring sole control, directly or indirectly, in Island Star Mall Developers Private Limited (Target).

Acquirer is engaged in the development (including designing, execution, marketing etc.), operations and leasing of commercial and retail spaces, including retail malls, commercial offices, hospitality assets, food & beverages and sale of residential properties, through its various subsidiaries.

Target, directly and through its subsidiaries, is also primarily active in the development (including designing, execution, marketing etc.), operations and leasing of commercial and retail real estate, in certain cities.

Detailed order of the Commission will follow.

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