Bsafal 50:50 Jv with Phoenix Mills lim­ited

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Bsafal Group en­ters into a 50:50 joint ven­ture with Phoenix Mills Lim­ited (PML) to de­velop pre­mium retail de­vel­op­ment in Ahmed­abad. J. Sa­gar As­so­ciates (JSA) ad­vised and as­sisted Safal Con­struc­tions Pri­vate Lim­ited, Ahmed­abad and its af­fil­i­ates (Bsafal Group) in con­nec­tion to its JV with Phoenix Mills Lim­ited, Mumbai (PML) to de­velop a pre­mium retail de­vel­op­ment in Ahmed­abad un­der the brand “Pal­la­dium Mall”. Both the par­ties will in­vest around Rs. 230 crores each for their 50% stake in the joint ven­ture to ac­quire, de­velop, op­er­ate and man­age the land lo­cated at Thal­tej, Ahmed­abad. The joint ven­ture will de­velop a pre­mium retail des­ti­na­tion com­pris­ing of shops, mul­ti­plex, restau­rants and en­ter­tain­ment zone as Phase I spread over ap­prox­i­mately 0.6 mil­lion square feet. Phase II de­vel­op­ment could pos­si­bly com­mence by mu­tual agree­ment by par­ties which shall in­clude com­mer­cial de­vel­op­ment com­pris­ing of­fices, ho­tels and other com­mer­cial es­tab­lish­ments. The JV en­ti­ties in­volved in this trans­ac­tion are SGH Realty LLP, True Value In­frabuild LLP, Zaveri and Com­pany Pri­vate Lim­ited, Au­som En­ter­prise Lim­ited and KIFS In­fra­struc­ture LLP. The JSA team com­prised of Part­ner - Bi­jal Ch­ha­tra­p­ati; and As­so­ciate - Tabish Sam­dani. PML was ad­vised by Cyril Amarc­hand Man­gal­das, Mumbai.

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