Phoenix Mills Acquires Prime Land in Coimbatore for New Retail Project

On August 7, 2024, Phoenix Mills Limited (PML) announced it had acquired a valuable piece of land in Coimbatore, Tamil Nadu. The land is situated in a key location on Avinashi Road in Coimbatore.

Astrea Real Estate Developers Private Limited, a subsidiary of PML with 67.1% ownership, acquired the land through buying shares and direct land purchases. Astrea plans to build a high-end retail centre on this land.

Coimbatore is Tamil Nadu’s second-largest city, following Chennai. It’s a major economic centre in Western Tamil Nadu and a key spot for business and retail, attracting customers from nearby areas like Tiruppur, Palakkad, Pollachi, Erode, and Ooty. Known for its diverse industries, Coimbatore is also a major educational hub with over 183 colleges that produce around 50,000 graduates each year. The city has more than 25,000 businesses, ranging from small to large, and is often called the “Manchester of South India.” Besides textiles, Coimbatore is known for exporting jewellery, poultry, and auto parts.

Commenting on the development, Mr Shishir Shrivastava, Managing Director at The Phoenix Mills Limited, said: “We are pleased to announce our acquisition in Coimbatore for a greenfield retail development project. The land is at a strategic location on Avinashi Road in the vicinity of prominent catchments, including prime residential areas like Racecourse Road, Peelamedu and Gandhipuram. This mall will be our second retail development in Tamil Nadu, following the success of our first development in Chennai, namely Phoenix MarketCity and Palladium Chennai.”

About Phoenix Mills Ltd

Phoenix Mills Ltd and its subsidiaries and group companies (PML Group) are a leading developer and operator of retail-led, mixed-use properties in India. They pioneered this type of development in the country, having completed over 20 million sq. ft. of projects across various sectors, including retail, hospitality, commercial offices, and residential spaces. The PML Group operates over 11 million sq. ft. of retail space, spanning 12 retail locations in 8 major Indian cities.

On August 08, 2024, Phoenix Mills Ltd’s share price opened at ₹3,279.00, touching the day’s high at ₹3,328.00 at 09:49 AM on the NSE.

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