Phoenix Mills has received an approval for acquisition of residual 33.33% equity stake in Pinnacle Real Estate Development (Pinnacle) by the company. Pursuant to acquiring the residual equity stake Pinnacle would become a wholly owned subsidiary of the company.The company has received the approval for acquisition at its board meeting held on April 28, 2011.
Last year in October, Phoenix Mills had secured its board’s nod for the acquisition of the entire shareholding of Butala Farm Lands, which holds 8% equity in the company's SPV for the Phoenix Market City project in Pune, Vamona Developers. The board gave its approval at its meeting held on October 28, 2010.
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