Bsafal 50:50 Jv with Phoenix Mills limited
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.