CPPIB, Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

16 Dec 2021 CW Team

Canada Pension Plan Investment Board (CPPIB) and Phoenix Mills have invested Rs 700 crore in their joint subsidiary, Island Star Mall Developers.

The companies have invested the funds through a rights issue for deployment over construction and development (C&D) activities of the ongoing projects in Pune, Bangalore and Madhya Pradesh.

In 2017, both the companies signed an agreement to develop, own and operate retail-led multi-purpose developments in India. Under the agreement, CPPIB acquired 49% of the holding, and Phoenix Mills acquired 51% in Island Star Mall Developers.

Phoenix Marketcity, one of its retail malls in Bangalore, serves as a seed asset for this alliance with CPPIB. In the second tranche of investments, no changes are witnessed in the shareholding of the company, following the latest round of funding.

This year in June, the companies had committed to bring in additional equity of Rs 800 crore in their alliance. However, both the companies have increased their commitment to Rs 1,500 crore.

In June, they brought Rs 400 crore equity to their shareholding and infused Rs 700 crore capital. They have completed their commitment of Rs 1,100 crore, from Rs 1,500 crore.

In November, the companies entered into a joint venture for developing a 1.2 million sq ft office-led multi-purpose asset in Mumbai. CPPIB will invest Rs 1,350 crore, with an ultimate equity stake of 49%.

Earlier, they agreed to extend their commitment to the already existing alliance and form a new joint venture for developing a 1 million sq ft regional retail centre in Kolkata.

This year in August, the company raised Rs 1,100 crore via a Qualified Institutional Placement (QIP), increasing its cash to Rs 1,920 crore.

Image Source

Infrastructure Energy

25 Jun 2026

Centre Prioritising Energy Security With Coal Gasification

Union minister for Coal and Mines G Kishan Reddy said the Centre is prioritising energy security through a strategic shift to coal gasification and has announced incentives totalling Rs 460 billion (bn) to support the effort. He said more than 35 companies will start coal gasification activities in India within two months and that the government is encouraging firms that bring technology to close the domestic technology gap. The minister described the initiative as aimed at reducing import dependence and developing indigenous capacity. India has the fifth-largest coal reserve in the world, and..

BHEL and Coal India Invest Rs 250 bn in Odisha Gasification

Bharat Heavy Electricals (BHEL) and Coal India (CIL) are jointly investing Rs 250 billion in a coal gasification project in Odisha, with the Prime Minister laying the foundation stone in Jharsuguda. Union Coal and Mines Minister G Kishan Reddy described the initiative as a transformative shift in coal utilisation that will open industrial avenues for the state. The project moves coal beyond conventional power generation to industrial feedstocks. Coal gasification will convert coal into synthesis gas, a versatile feedstock for chemicals, fertilisers and synthetic fuels, and the technology is ex..

BCCL Hands Over Dugdha Coal Washery To JSW Steel

Bharat Coking Coal has handed over the Dugdha Coal Washery to JSW Steel, marking the first coal washery asset monetisation under the Ministry of Coal's asset monetisation programme. The handover took place in the presence of senior officials from Bharat Coking Coal Ltd, JSW Steel and JSW Energy. The washery has a capacity of two million tonnes per annum (mn t per annum), and its transfer is intended to introduce private sector practices into coal beneficiation operations. The monetisation is aimed at modernising coal sector assets, improving operational efficiency and enhancing resource utilis..