As part of its efforts to expand to tier II cities, Mumbai-based real estate developer Phoenix Mills has formed a strategic alliance with Indore-baed Entertainment World Developers Private Limited (EWDPL), an active retail space developer in tier II towns.
“We are going to develop malls in tier II cities including Nanded, Bilaspur and Nasik, and will acquire 42 per cent stake in EWDPL for this venture,” a company official, on condition of anonymity, told Indiaretailing.
Announcing the acquisition, Atul Ruia, director, Phoenix Mills, issued a statement saying, “It is our clear intention to emerge as a powerhouse in the retail mall business across India.”
After the alliance, Phoenix and EWDPL will jointly operate Treasure Island Mall in Indore, which was solely under EWDPL’s control earlier.
To strengthen the company’s presence in tier I cities, Phoenix Mills is planning to develop large-format retail centres under the brand name of Market Cities.
It is learnt that the company is looking for similar tie-ups and mergers for a pan-India presence.