Cyril Amarchand Mangaldas advises CPP Investments in the transaction of selling its shares in Island Star Mall Developers.
On July 28, 2025, The Phoenix Mills Limited (PML) announced the acquisition of the remaining 49% stake in Island Star Mall Developers Private Limited (ISMDPL) from the Canada Pension Plan Investment Board (CPP Investments). This transaction marks a significant shift in the ownership structure of ISMDPL, with PML now holding 100% ownership of the company [1][3][4].
The sale, which was facilitated by Indian law firm Cyril Amarchand Mangaldas, was led by Reeba Chacko, a senior partner at the firm, along with Siddharth Hariani and Saurav Samaddar, other partners at the firm [1]. Srushti Shanbhag, a principal associate designate, and Ohmkar Vishal, an associate, also provided assistance on the deal.
The specific details of the sale terms were not provided in the text, but CPP Investments is expected to receive approximately CAD 871 million (approximately USD 635 million) from the sale before closing adjustments [1]. This sale is a part of CPP Investments' diversified portfolio of assets, which includes investments in public equities, private equities, real estate, and infrastructure projects worldwide [2].
Hari Krishna V, managing director at CPP Investments, stated that the Indian retail sector has experienced consistent growth, and through their partnership with The Phoenix Mills, they have been able to capture opportunities within the Indian market, generating strong returns for the CPP Fund. He also mentioned that CPP Investments has net assets totalling CAD 30 billion in India, indicating a continued interest in investment opportunities in the country across industries [1].
The sale does not affect CPP Investments' and The Phoenix Mills' other joint ventures in India, including a regional retail centre in Kolkata and an office-led mixed-use asset in Mumbai [1]. In 2017, CPP Investments and The Phoenix Mills created ISMDPL to develop retail-led mixed-use projects across India [3].
With this acquisition, PML now has full control over ISMDPL, a retail-led mixed-use development platform. The Phoenix Mills board formally approved this ownership consolidation, highlighting it as a strategic move to build on the platform of premium mixed-use developments across major urban centers in India [1][4].
[1] Livemint.com, "The Phoenix Mills to acquire 49% stake in ISMDPL for ₹5,450 crore," July 28, 2025. [2] CPP Investments, "About Us," accessed August 1, 2025. [3] Business Standard, "CPP Investments, Phoenix Mills to invest ₹8,000 crore in retail-led mixed-use project," July 10, 2017. [4] Economic Times, "The Phoenix Mills acquires full ownership of Island Star Mall Developers," July 28, 2025.
The acquisition by The Phoenix Mills Limited (PML) of the remaining 49% stake in Island Star Mall Developers Private Limited (ISMDPL) from CPP Investments will significantly impact the finance landscape of the two companies. CPP Investments is expected to receive approximately CAD 871 million (approximately USD 635 million) from the sale before closing adjustments, which reflects their ongoing interest in financially profitable investment opportunities in India.
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