“Phoenix Mills group is developing about 100 million sq ft of land throughout India through independent and joint ventures, with 25 malls and eight luxury hotels under construction. We are committed to offering luxury brands a space to showcase themselves in a befitting environment, making Palladium (high-end luxury mall) the ideal destination,” Mr Atul Ruia, Managing Director of Phoenix Mills, told Business Line recently.

The real estate firm also plans to build budget hotels in tier II cities such as Bhopal, Indore and Bhilai.

In August last year, Phoenix Mills raised Rs 980 crore by way of qualified institutional placement and another Rs 320 crore through preferential allotment.

The investors include HSBC Financial Services, DB Fund Mauritius Ltd, Barclays Capital, Citigroup Global Markets Mauritius Pvt Ltd and Americorp Ventures Ltd.

On the BSE, Phoenix shares closed higher at Rs 184.80 (Rs 168.05)