Phoenix Mills to become a leader in retail mall development space on merger of AREPL

With reference to the earlier announcement dated April 02, 2007 regarding the merger of AREPL with the Company, Phoenix Mills Ltd has announced that AREPL has developed the concept known as "Market City", which are city center large scale mixed use retail and leisure led real estate projects typically in excess of 2 million sq. ft. which are very similar to the Company's flag ship project at Mumbai - "High Street phoenix".

AREPL is also the owner of the brand "Market City" and has created the necessary bandwidth in terms of staffing, infrastructure and administrative support to undertake and execute such large projects under Market City Resources Pvt Ltd. The brand and entire management team of Market City Resources Pvt Ltd will also be merged with the Company.

It has acquired large properties in Kurla-Mumbai, Whitefield-Bangalore, Vellachery-Chennai, Nagar Road-Pune, Raipur and has signed term sheets for other properties in Tier A & A - cities. AREPL has achieved financial closure for most of these projects. Kshitij / Horizon fund and ILFS fund are some of the Company's partners in some of these projects.

As a result of the merger, the Company expect to be come a leader in the large format retail mall development space.

Source : Equity Bulls

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