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Date: 2025-08-19 Category: Not Applicable State: Union Government Country: India

CCI approves the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited.

Issued by Competition Commission of India · Not Applicable

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Executive Summary & Key Takeaways

**Summary:** The Competition Commission of India (CCI) has approved the acquisition of the remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited. This transaction involves the Canada Pension Plan Investment Board (CPPIB) fully divesting its 49% equity stake in ISMDPL, allowing The Phoenix Mills Limited, either directly or through its affiliates, to become the sole (100%) shareholder and gain complete direct or indirect control of ISMDPL. The Phoenix Mills Limited is involved in the development, operations, and leasing of commercial and retail spaces, including malls, offices, hospitality assets, and residential properties. ISMDPL, through its subsidiaries, is similarly active in the development, operations, and leasing of commercial and retail real estate in select cities. The detailed order from the CCI will be released subsequently. The announcement was made by PIB Delhi on August 19, 2025, at 8:29 PM (Release ID: 2158148).

Key Entities Referenced

Competition Commission of India: The regulatory body that approved the acquisition. Island Star Mall Developers Private Limited: The target company being acquired; referred to as ISMDPL and Target. The Phoenix Mills Limited: The acquiring company. Canada Pension Plan Investment Board: The seller divesting its 49% equity investment.
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Competition Commission of India CCI approves the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited. Posted On: 19 AUG 2025 8:29PM by PIB Delhi The Competition Commission of India has approved the proposed acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited. The proposed combination comprises Canada Pension Plan Investment Board (i.e, Seller) completely exiting from its equity investment of 49% in the Target and The Phoenix Mills Limited (Acquirer) itself (or through its Affiliates) becoming the 100% shareholder and thereby acquiring sole control, directly or indirectly, in Island Star Mall Developers Private Limited (Target). Acquirer is engaged in the development (including designing, execution, marketing etc.), operations and leasing of commercial and retail spaces, including retail malls, commercial offices, hospitality assets, food & beverages and sale of residential properties, through its various subsidiaries. Target, directly and through its subsidiaries, is also primarily active in the development (including designing, execution, marketing etc.), operations and leasing of commercial and retail real estate, in certain cities. Detailed order of the Commission will follow. ***** NB/AD (Release ID: 2158148)

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