The Phoenix Mills Limited (PML) has increased its shareholding in Island Star Mall Developers Private Limited (ISMDPL) from 51% to 55.57% following a share buyback by ISMDPL from Canada Pension Plan Investment Board (CPP Investments). The transaction, valued at ₹895 crore, marks the first step in CPP Investments’ complete exit from the joint venture.
Transaction Overview
Under a framework agreement executed in July 2025, ISMDPL repurchased 2,03,40,909 equity shares from CPP Investments. Phoenix Mills did not participate in the buyback. As a result, its ownership stake in ISMDPL has automatically increased to 55.57%.
Once the full transaction process is completed, Phoenix Mills is expected to own 100% of ISMDPL, consolidating complete control of the entity and its associated real estate assets.
| Key Transaction Details | Description |
| Shares Bought Back | 2,03,40,909 |
| Transaction Value | ₹895 crore |
| Previous Phoenix Mills Stake | 51% |
| Revised Stake | 55.57% |
| Framework Agreement Date | July 2025 |
| Seller | Canada Pension Plan Investment Board (CPP Investments) |
About ISMDPL
Incorporated on April 10, 2006, ISMDPL is a material subsidiary of Phoenix Mills and operates the Phoenix MarketCity mall in Bengaluru, one of the city’s leading retail and lifestyle destinations.
ISMDPL also has three wholly owned subsidiaries that form part of the ISMDPL Platform, which undertakes large-scale real estate and retail development projects across India:
- Alyssum Developers Private Limited
- Sparkle One Mall Developers Private Limited
- Insight Mall Developers Private Limited
This strategic structure has enabled Phoenix Mills to strengthen its footprint in the retail-led mixed-use development segment nationwide.
Financial Performance
ISMDPL has demonstrated consistent growth in both standalone and consolidated revenues over the past three financial years:
| Financial Year | Standalone Turnover (₹ in lakh) | Consolidated Turnover (₹ in lakh) |
| 2024–25 | 28,362.73 | 91,973.14 |
| 2023–24 | 27,809.14 | 61,224.52 |
| 2022–23 | 26,129.94 | 30,288.47 |
The strong financial performance highlights the growing contribution of ISMDPL and its subsidiaries to the Phoenix Mills Group’s consolidated results.
Strategic Significance
The gradual exit of CPP Investments and Phoenix Mills’ increasing stake in ISMDPL align with PML’s long-term vision of expanding its retail portfolio and consolidating ownership of key assets. Full control of ISMDPL is expected to provide Phoenix Mills with:
- Greater operational flexibility
- Enhanced revenue consolidation
- Streamlined decision-making across its retail and mixed-use asset base
In Summary:
Phoenix Mills’ increased stake in ISMDPL marks a key milestone in the company’s strategy to consolidate ownership of high-performing retail assets. With CPP Investments’ phased exit nearing completion, Phoenix Mills is poised to strengthen its leadership position in India’s retail real estate sector through direct control of the Phoenix MarketCity Bengaluru platform and associated developments.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Investments in securities markets are subject to market risks. Please read all related documents carefully before investing.