Currently, PML owns 50% stake in CMDCL while the balance 50% stake is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%); completion of the stake purchase will make CMDCL a subsidiary of PML.

PML will pay Rs 918 crore to acquire the 50% stake held by Crest Ventures and Escorts Developers. The company will fund the acquisition by way of internal accruals and cash on balance sheet and complete this transaction either on its own and/or through one of its affiliates. Subject to completion of due diligence, certain condition precedents and necessary approvals from the board, the transaction is expected to close by April 2022.

CMDCL owns Phoenix Marketcity Chennai with chargeable area of approx. 1 million sft in Velachery, a prime consumption hub in the city of Chennai. This development is one of the largest malls in the city in the city. The mall consists flagship stores of renowned brands, cafes and fine dining restaurants, food court with all major international and national brands, unmatched entertainment and leisure options with large well‐designed multiplex and Family Entertainment Center.

Phoenix Marketcity Chennai generated an EBITDA of Rs 157.90 crore in FY20. For 9M FY22, it reported an EBITDA of Rs 90.80 crore.

The Phoenix Mills reported a 45% jump in consolidated net profit to Rs 98.9 crore on a 29.5% rise in net sales to Rs 425 crore in Q3 FY22 over Q3 FY21.

Shares of The Phoenix Mills lost 0.56% to close at Rs 972.70 on Friday, 18 February 2022. The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.