The Phoenix Mills Plans Rs 2,000 Cr Investment for City Expansion

01 Jun 2023 CW Team

The Phoenix Mills intends to invest over Rs 2,000 crore in the current financial year 2023-24 to support its expanding portfolio across key cities in the country, including Pune, Bengaluru, Kolkata, and Surat.

During 2022-23, the retail-led mixed development company had already invested approximately Rs 1,400 crore in the construction of these projects.

This year, the company plans to operationalise two new destination malls in Pune and Bengaluru, with a combined leasable area of 2.4 million sq ft. This expansion is expected to elevate the company to become the largest mall developer and operator in the country, with nearly 11 million sq ft of operational retail assets.

In addition to the current plans, the company is also targeting Navi Mumbai, Thane, Hyderabad, the National Capital Region, Chandigarh, and Jaipur for expanding its retail property portfolio. Locations such as Nagpur, Goa, and Vizag are also being evaluated for future expansion.

"With the launch of two new malls in the next six months, sustained consumption growth in existing malls, and the increasing trading area and consumption in our latest malls in Indore and Ahmedabad, we are ready for 2023-24 with renewed optimism," stated Shishir Shrivastava, MD of The Phoenix Mills.

The company intends to finance its ongoing expansion through internal accruals.

The Phoenix Mills reported a 452% growth in consolidated net profit, reaching Rs 1,477 crore, driven by a 78% growth in income from operations, amounting to Rs 2,638 crore. Retail consumption at its properties witnessed a 133% increase from the pre-pandemic period of 2019-20, reaching Rs 9,248 crore, marking the highest-ever annual consumption.

Also Read
CIL approves 8% thermal coal hike, targets revenue of Rs 27 billion
Dalmia Bharat's blended cement finds way in major highway projects

Equipment

11 Dec 2025

Caterpillar Debuts Three New Cat Excavators at EXCON 2025

Caterpillar Inc., a global leader in construction and mining machinery, strengthened its commitment to India’s infrastructure growth with the debut of three new Cat® hydraulic excavators at EXCON 2025, held from December 9–13 at the Bangalore International Exhibition Centre. The new models—Cat 321, Cat 322 and Cat 324—mark a significant step forward in delivering efficient, digital-ready equipment tailored for India’s evolving construction needs.Designed to support sustainability and productivity on modern jobsites, the machines feature advanced powertrains and intelligent electrohy..

JK Tyre Expands OTR Lineup with Four New Launches at EXCON 2025

JK Tyre & Industries, one of India’s leading tyre manufacturers, introduced four new Off-the-Road (OTR) tyres at the 13th edition of CII EXCON 2025, South Asia’s largest construction equipment exhibition, underway at the Bangalore International Exhibition Centre. The latest additions strengthen the company’s OTR portfolio and reaffirm its focus on delivering advanced mobility solutions for construction, mining and industrial operations.The new tyres were unveiled by R Mukhopadhyay, Director (R&D), JK Tyre. Among the highlights was the debut of the SKY GRIP, a specialised tyre des..

ACE, Sanghvi Movers Ink MOU to Boost India-Made Heavy Crane Adoption

Action Construction Equipment (ACE), the world’s largest pick-and-carry crane manufacturer and a leading Indian construction equipment maker, has entered into a strategic Memorandum of Understanding with Sanghvi Movers, Asia’s largest and the world’s fifth-largest crane rental company. The partnership aims to accelerate the deployment of indigenously manufactured heavy slew cranes, particularly truck cranes and crawler cranes, across large-scale infrastructure and industrial projects in India.The alliance aligns strongly with the Government of India’s “Aatmanirbhar Bharat” and “M..