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.

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