Phoenix Mills plans to invest Rs 2,000 crore for portfolio expansion

Phoenix Mills is planning to invest over Rs 2,000 crore to support the ongoing portfolio expansion across key cities in the country including Pune, Bengaluru, Kolkata, and Surat in the current financial year 2023-24.

The retail-led mixed development company has already invested around Rs 1,400 crore to fund the construction of these projects in 2022-23.

The company is likely to operationalize two new destination malls in Pune and Bengaluru with a combined size of 2.4 million sq. ft. leasable area this year. This expansion is expected to push the company up to the rank of the country's largest mall developer and operator with nearly 11 million sq. ft. of operational retail assets.

In addition to the current plan, the company is looking to target Navi Mumbai, Thane, Hyderabad, National Capital Region, Chandigarh, and Jaipur for the expansion of its retail properties portfolio. Locations including Nagpur, Goa, and Vizag are also under early evaluation for expansion.