NEW DELHI: The board of directors of Sparkle Two Mall Developers, a wholly-owned subsidiary of The Phoenix Mills, have approved the acquisition of a land parcel owned by Huhtamaki India, situated at Majiwada Junction, Thane for an aggregate consideration of Rs. 429 crore through the execution of four conveyance deeds.
The company has paid an amount of Rs. 400.87 crore under two conveyance deeds. Out of an amount of approximately Rs. 28.13 crores due under the other two conveyance deeds, an amount of Rs. 5.95 crore has been paid, with the balance amount being payable upon fulfilment of the conditions agreed upon by and between the parties.
The Phoenix Mills reported a growth of 36.92 per cent in its net consolidated profit which stood at Rs 303.82 crore in Q2 FY24. It’s net consolidated total income stood at Rs 906.64 crore in Q2 FY24, a growth of 32.65 per cent from Rs 683.49 crore it recorded in the similar quarter last year.
