Phoenix Mills has received approval for incorporation of a wholly owned subsidiary of the company namely Sparkle Three Mall Developers (Sparkle Three). The company shall subscribe to the entire paid-up share capital of Sparkle Three. The incorporation of Sparkle Three shall leverage the growth opportunities and will help the company in expanding its market.

The proposed wholly owned subsidiary to be incorporated in India shall carry out the business of real estate activities. Further, this is in line with the company’s future expansion plans. The Finance and Investment Committee of the Board of Directors of the company at their meeting held on November 14, 2024, has approved the same.

Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.