CPP Investments said it will commit to investing about ₹560 crore in Mindstone Mall Developers Pvt Ltd in tranches, for an ultimate equity stake of 49%. "We are pleased to grow our strategic relationship with CPP Investments to establish our footprint in Eastern India. We remain focused on expanding our portfolio by investing in attractive markets and ensuring timely execution of the projects," said Atul Ruia, chairman, Phoenix Mills. With this investment, CPP Investments' equity commitment to multiple ventures with Phoenix Mills amounts to over ₹26.2 billion ( ₹2620 crore). PML and CPP Investments said they are also extending their commitments to their existing joint venture, Island Star Mall Developers Pvt Ltd.

Source: Mint May 28, 2021 18:56 UTC