Phoenix Mills Sets Foot in Tamil Nadu

The Phoenix Mills (PML) has successfully acquired a prime land parcel on Avinashi Road in Coimbatore, Tamil Nadu, through its subsidiary, Astrea Real Estate Developers. This strategic acquisition, involving both share purchases and direct land acquisitions, positions Astrea to develop a new premium retail destination in the city.

Coimbatore, a significant economic hub in Western Tamil Nadu, attracts shoppers from neighboring regions such as Tiruppur, Palakkad, and Ooty. The city is renowned for its diverse industrial landscape and educational institutions, housing over 183 colleges and more than 25,000 enterprises. The newly acquired land is ideally located near prominent residential areas like Racecourse Road, Peelamedu, and Gandhipuram, offering access to a large and growing customer base.

The upcoming retail center will be Phoenix Mills' second development in Tamil Nadu, following the successful Phoenix MarketCity and Palladium Chennai in Chennai. Astrea, with PML holding a 67.1 percent equity stake, aims to create a high-end shopping experience tailored to meet the burgeoning retail demand in Coimbatore.

This expansion underscores Phoenix Mills' commitment to tapping into emerging markets and delivering exceptional retail destinations across India.

News by Rahul Yelligetti