This mid-cap construction company’s wholly owned subsidiary acquires a prime land parcel in Kolkata

This acquisition will provide the company to build world-class residential development.

Palladium Construction (PCPL), a fully owned subsidiary of Phoenix Mills (PML), has finished the purchase of a valuable land tract in Alipore, Kolkata, totalling around 5.5 acres. This acquisition represents a crucial turning point for the company as it broadens its residential development portfolio with a premium project in Kolkata's exclusive Alipore neighbourhood.

The price paid by PCPL, including stamp duty, to buy the land piece was Rs 414.31 crore. The site lies in Alipore, which provides great access to the city's major business and residential areas by road. With the help of this acquisition, the company will have a rare chance to create a residential community of the highest calibre with a saleable area of more than 1 million square feet.

Share price movement of The Phoenix Mills Ltd

Scrip opened today at Rs 1,316.05 and made its day high at Rs 1,345.45. The 52-week high of the stock is Rs 1,620, whereas the 52-week low was Rs 884.30. Promoters hold 47.31%, whereas institutional and non-institutional holdings are 48.29% and 4.40%, respectively. Presently, the market cap of the company is Rs 23,850 crore.

Company profile

Phoenix Mills Ltd. began as a business that produced textiles. It works in the real estate development industry. Whether it be in the form of large shopping malls, entertainment centres, office buildings, or lodging facilities, the firm has established a position for itself in the Indian real estate market. The company was founded by the Indian Companies Act's incorporation requirements and is a public limited company with its headquarters in India. Its operations include planning, carrying out, marketing, management, maintenance, and sales. They also include most facets of real estate development. The group has real estate holdings in several cities, including Mumbai, Bangalore, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.