'The Phoenix Mills' Subsidiary Acquires Thane Land Parcel for ₹429 Cr; Reports Strong Q2 Performance

Mumbai: Sparkle Two Mall Developers, a wholly-owned subsidiary of The Phoenix Mills, has approved the purchase of a land parcel in Thane for an amount of Rs 429 crore through the execution of four conveyance deeds. The said land parcel has been acquired from Huhtamaki India, located at Majiwada Junction. Initially, the company paid an amount of Rs 400.87 crore via two conveyance deals.

Of the remaining amount of Rs 28.13 crore due under the other two conveyance deeds, an amount of Rs 5.95 crore has also been paid. The balance amount will be paid after the fulfillment of the terms and conditions mutually agreed upon by the parties.

The Phoenix Mills reported a growth of 36.92 per cent in its net consolidated profit, which stood at Rs 303.82 crore in Q2 of FY24. Its net consolidated total income stood at Rs 906.64 crore in Q2FY24, a growth of 32.65 per cent from the Rs 683.49 crore recorded in the similar quarter last year.