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“We will raise these funds at the project level and all the projects are FDI-compliant. We have got good response from investors,'' said Mahesh Iyer, chief financial officer of Phoenix Mills.
The company is planning to raise $200 million to fund its retail projects and $250 million to fund its hospitality projects, Iyer said. The company has projects for developing 25 million sq ft of space across the country. Phoenix Hospitality, the hospitality arm of Phoenix, is developing nearly 14 hotels across the country. Phoenix has tied up with Hong Kong-based Shangri-La to manage its hotel property in Lower Parel in Mumbai and has also tied up with the Hyatt group and US-based Marriott International to manage its other hotel properties. Phoenix has also picked up 42 per cent stake in Entertainment World Developers (EWDPL), a mall developer based in Indore and a majority stake in Big Apple, a mall developer in North India. Last year, Phoenix Mills raised nearly $300 million through qualified institutional placement to fund its realty plans. |
Source: Business Standard