Phoenix Mills Ltd, a retail-led mixed-use developer, has completed the acquisition of 100 percent equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of Rs 26.03 crore.

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The company in an exchange filing stated that its wholly-owned subsidiary, Phoenix Logistics and Industrial Parks Pvt Ltd (PLIPPL), had entered into a share purchase agreement with Janus Logistics and Industrial Parks (Janus).

Accordingly, Janus has become a wholly-owned subsidiary of Phoenix's wholly-owned subsidiary and a step-down wholly-owned subsidiary of The Phoenix Mills from January 16, 2023.

Janus, which is in the logistics and warehousing business, owns a land parcel admeasuring approximately 33 acres situated at village Kabulpur, District Faridabad and village Losighani in Sohna district of Haryana.

The said acquisition is in-line with the company’s previously disclosed plans of diversifying existing revenue streams and exploring synergies in related sectors such as logistics and warehousing business.

Janus was incorporated on December 20, 2022, and is yet to commence the business.

Phoenix Mills operations span across most aspects of real estate development, planning, execution, marketing, management, maintenance and sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly and Ahmedabad.

The company reported 121 percent surge in retail rental income to Rs 31.33 crore in September 2022 quarter compared to the pre-COVID period. Debt on the operating portfolio declined to Rs 3,732.4 crore in September 2022 quarter compared to Rs 3,858.3 crore in the June quarter. The average cost of debt in September 2022 stood at 7.89 percent.

Shares of Phoenix Mills ended 1.4 percent lower at Rs 1,430.