Cyril Amarchand Mangaldas acted as legal advisors to Canada Pension Plan Investment Board in the phased divestment of its entire 49% stake in Island Star Mall Developers Private Limited to The Phoenix Mills Limited and its affiliates for an aggregate consideration of approximately INR 5,449 crores.
The transaction team was led by Reeba Chacko, Senior Partner; Siddharth Hariani, Partner; and Saurav Samaddar, Partner; with assistance from Srushti Shanbhag, Principal Associate Designate; and Ohmkar Vishal, Associate.
The transaction was signed on July 24th, 2025 and the completion of the first tranche is anticipated prior to November 30th, 2025 (subject to regulatory approval from the Competition Commission of India). The subsequent tranches are proposed to be implemented at regular intervals over the following three years.