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The Phoenix Mills Ltd announces opening of 'Phoenix Mall of the Millennium', at Wakad, Pune

Posted On : 2023-09-08 12:45:33( TIMEZONE : IST )

The Phoenix Mills Ltd announces opening of 'Phoenix Mall of the Millennium', at Wakad, Pune

The Phoenix Mills Limited (PML), India's leading destination retail mall developer and operator, has opened the gates to its second mall in Pune, "Phoenix Mall of the Millennium". This sprawling retail destination spread across 16 acres and encompassing over 12 lakh square feet (sq. ft.) of gross leasable area, is located in the key consumption centre of West Pune in Maharashtra.

The mall has been developed by PML under its joint venture with Canada Pension Plan Investment Board ("CPP Investments"). PML is today India's leading destination retail mall owner and operator with an operational retail portfolio of over 1.1 crore sq. ti. of leasable area across 12 retail consumption hubs in 8 gateway cities of India.

Says Atul Ruia, Chairman, The Phoenix Mills Limited, "In 2006, we embarked on a transformative journey by acquiring our first site in Pune's eastern enclave at Viman Nagar. This move laid the cornerstone for what would evolve into a remarkable retail destination. Phoenix MarketCity Pune, operational since 2011, swiftly established its position as a crown jewel in our portfolio. The people of Pune embraced it with open arms, transforming it into an iconic landmark that defines the city.

Today, with great pleasure, we unveil our second retail destination in Pune, Phoenix Mall of the Millennium at Wakad. This new retail destination is poised to resonate with hearts, mirroring the resounding success of Phoenix MarketCity Pune. At Phoenix Mall of the Millennium, we stay true to our philosophy of creating 'WOW' moments. We've intricately woven atriums, adorned with openplan restaurants, laying the foundation for immersive experiences. The three resplendent atriums - Plaza Flourish, Rains of Nourish Atria, and Opulent Atrium - stand as tributes to the harmonious fusion of art and architecture. We have created a unique, one-of-it's-kind, indoor Fan Park to host grand events and to celebrate the synergy of live sports and music. The architecture of our mall is eloquently punctuated by an enchanting musical fountain and colossal, larger-than-life installations that adorn its spaces. Each floor tells a unique tale, inviting patrons to explore a realm where design becomes a narrative, and the journey unfolds as an unforgettable experience. Vehicular access points on multiple levels ensure grand arrival moments across multiple levels of the mall, embracing innovation that complements aesthetics.

We extend our gratitude to the people of Pune for their unwavering support and with their continued endorsement, we are confident that our latest world-class, new-age retail destination, Phoenix Mall of the Millennium at Wakad Pune, will etch its place in the city's heart."

Says Shishir Shrivastava, Managing Director, The Phoenix Mills Limited, "Phoenix Mall of the Millennium at Wakad, Pune perfectly matches our philosophy of creating unparalleled city-centre, retail-led destinations and solidifies our position as owners, developers, and managers of iconic consumption hubs of India. We launch this development with Phoenix Mall of the Millennium spread over ~12 lakh sq.ft. of leasable area. Additionally, we have under-construction, modern commercial office space with approx. leasable area of ~14 lakh sq. ft, expected to become operational in FY25.

The unrivalled ease of access from all corners of Pune and neighbouring towns and cities, accessible via the expressway, will make Phoenix Mall of the Millennium the epicentre of shopping, entertainment, and experiential activities for patrons in the region. With the development of IT and biotechnology park at Hinjewadi, integrated development and with the establishment of some of the biggest residential complexes, the area of Wakad has witnessed significant infrastructure development in the past decade. The strategic location on the Golden Corridor area, which extends from Pune to Nasik and Ahmednagar, will establish this destination as a regional consumption centre.

This is the second of our retail destinations to become operational under our joint venture (JV) with CPP Investments, with Phoenix Citadel Indore being the first retail destination in the JV to become operational in December 2022. I would like to extend my heartfelt gratitude to the entire team at CPP Investments for their support through the journey of delivering yet another remarkable retail destination."

Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1812.60 as compared to the previous close of Rs. 1799.75. The total number of shares traded during the day was 4803 in over 1129 trades.

The stock hit an intraday high of Rs. 1813.75 and intraday low of 1796.20. The net turnover during the day was Rs. 8675487.00.

Source : Equity Bulls


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