Phoenix Mills buys Indore mall for Rs 235 cr

Phoenix Mills, the country’s largest mall developer, has bought an under-construction mall in Indore’s MR 10 area for Rs 235 crore.

The mall was bought in an auction conducted by JM Financial Asset Reconstruction Company. The firm outbid local mall developer Pintu Chhabra. Sources said the lenders went for auctioning as the mall owners, the Kalani family, were not able to not pay their dues.  

The property has a development potential of 2.5 million square feet. 

Atul Ruia, joint managing director, Phoenix Mills, said they were evaluating the possibility to bring the acquired mall under the newly-formed joint platform with Canadian investor