Entertainment World Developers (EWDPL) India, which builds malls in
central India and partners property developer Phoenix Mills, plans
to deploy $105 million (nearly Rs 450 crore) in developing multiple-
use properties, including malls and hotels, in tier-II and tier-III
cities across the country.
Recently, German realty fund MPC Synergy invested Rs 1,300 crore in
various special purpose vehicles of EWDPL and Phoenix Mills, which
are developing realty projects across the country. MPC Synergy
picked up 16 per cent to 49 per cent in the respective SPVs.
Phoenix Mills holds 40 per cent stake in Indore-based EWDPL.
According to the investment plan, EWDPL will spend nearly $85
million in six cities. Remaining $20 million will be used in EWDPL's
proposed projects in Thiruvananthapuram and Nagpur, said Manish
Kalani, managing director of EWDPL India.
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