Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India

03 Jun 2021 CW Team

Singapore’s sovereign fund GIC and India-based retail mall developer Phoenix Mills Ltd (PML) told the media that they have partnered to establish a $733 million investment platform for retail-led mixed-use properties across the country.

A significant minority stake in PML's portfolio of developments will be acquired by GIC in Mumbai and Pune. The assets have a total of 3.4 million sq ft in leasable retail and office space.

Recently, PML formed a joint venture with Canada Pension Plan Investment Board (CPPIB) to establish a mall in Kolkata.

Chairman of Phoenix Mills Atul Ruia said that the company aims to jointly explore value-accretive acquisition opportunities through this platform with GIC. PML's proceeds from the transaction will act as growth capital to both PML and its subsidiaries.

CPPIB and PML have recently agreed to invest up to Rs 800 crore in their joint venture Island Star Mall Developers Private Limited (ISMDPL) in tranches, in the ratio of their shareholdings.

The joint venture was formed to develop, own, and operate retail-led, mixed-use developments over the country in 2017.

Image Source

Also read: Singapore’s GIC to buy 1.1 mn sq ft space from Phoenix Group in Hyd

Infrastructure Transport

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..