Phoenix Mills, CPP Investments form JV for Kolkata mall; invest Rs 800 cr

The Phoenix Mills Limited and Canada Pension Plan Investment Board (CPP Investments) have announced a joint venture to develop a mall in Alipore, Kolkata.

CPP Investments would invest Rs 560 crore  (C$93 million) in Mindstone Mall Developers (Mindstone) in tranches, for an equity stake of 49 per cent. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of about 1 million sq. ft. The target completion date is for the second half of 2024, CPP Investments said.

PML and CPP Investments are also extending their commitments to their current joint venture,