Phoenix Mills, BSafal Group to open mall in Surat in partnership

03 Jun 2022 CW Team

The Phoenix Mills will set up a mall in Surat in collaboration with BSafal Group. Both the companies are also set to open new malls in Indore and Ahmedabad this year.

The company is also actively looking for opportunities in Jaipur, Hyderabad and Chandigarh for developing malls that can either be wholly owned by Phoenix or by its joint venture (JV), GIC.

Managing Director of The Phoenix Mills, Shishir Shrivastava, said that at every location, the cost for the mall would be between Rs 1,200-1,500 crore.

He said that the company intends to conclude Surat and perhaps another two land parcels between Jaipur, Hyderabad and Chandigarh and another market.

The company claimed that the Phoenix Citadel Mall Indore might be open around September and has witnessed a 74% of the retail Gross Leasable Area (GLA) being leased.

Phoenix Palladium Ahmedabad will also be opened around Diwali this year and would lease 85% of GLA.

Phoenix Mall of the Millennium in Pune and Phoenix Mall of Asia at Hebbal, Bangalore, will be operational by the first half (H1) of FY24.

The Mall of Millennium in Pune witnessed 51% of its retail GLA being leased while the number stood at 66% for Mall of Asia.

The company expects that Bengaluru and Chennai can accommodate more malls.

Srivastava said that certain micro-markets in Gurugram have an opportunity for malls. The Mumbai Metro Metropolitan Region (MMR) continues to have opportunities, so there are specific micro-markets in all metros where there are opportunities.

The company has plans to open a new mall in Kolkata by early FY27. The total portfolio of Phoenix will increase to around 13 million sq mt of retail GLA.

In May, the company bought the remaining 50% of Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers for Rs 936 crore. CMDCL now owns Phoenix Marketcity in Chennai.

The Phoenix Mills has set a capital expenditure (capex) of Rs 1,600 crore for FY23, with a 33% increase over the Rs 1,200 crore incurred in FY22. The company has secured an additional finance line for Rs 1,000 crore to fund the completion of the Indore, Pune and Hebbal malls.

Image Source

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

The Phoenix Mills will set up a mall in Surat in collaboration with BSafal Group. Both the companies are also set to open new malls in Indore and Ahmedabad this year. The company is also actively looking for opportunities in Jaipur, Hyderabad and Chandigarh for developing malls that can either be wholly owned by Phoenix or by its joint venture (JV), GIC. Managing Director of The Phoenix Mills, Shishir Shrivastava, said that at every location, the cost for the mall would be between Rs 1,200-1,500 crore. He said that the company intends to conclude Surat and perhaps another two land parcels between Jaipur, Hyderabad and Chandigarh and another market. The company claimed that the Phoenix Citadel Mall Indore might be open around September and has witnessed a 74% of the retail Gross Leasable Area (GLA) being leased. Phoenix Palladium Ahmedabad will also be opened around Diwali this year and would lease 85% of GLA. Phoenix Mall of the Millennium in Pune and Phoenix Mall of Asia at Hebbal, Bangalore, will be operational by the first half (H1) of FY24. The Mall of Millennium in Pune witnessed 51% of its retail GLA being leased while the number stood at 66% for Mall of Asia. The company expects that Bengaluru and Chennai can accommodate more malls. Srivastava said that certain micro-markets in Gurugram have an opportunity for malls. The Mumbai Metro Metropolitan Region (MMR) continues to have opportunities, so there are specific micro-markets in all metros where there are opportunities. The company has plans to open a new mall in Kolkata by early FY27. The total portfolio of Phoenix will increase to around 13 million sq mt of retail GLA. In May, the company bought the remaining 50% of Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers for Rs 936 crore. CMDCL now owns Phoenix Marketcity in Chennai. The Phoenix Mills has set a capital expenditure (capex) of Rs 1,600 crore for FY23, with a 33% increase over the Rs 1,200 crore incurred in FY22. The company has secured an additional finance line for Rs 1,000 crore to fund the completion of the Indore, Pune and Hebbal malls. Image Source Also read: CPPIB, Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..