Phoenix Mills and Offbeat Developers Raise Combined Stake in O2 Renewable Energy XXVIII to 45% After Fresh Allotment

Phoenix Mills and Offbeat Developers Secure 45% Stake in Captive Renewable Venture

Following an allotment completed on August 19, 2026, Phoenix Mills Limited and its subsidiary Offbeat Developers now jointly hold 45 percent of the equity in O2 Renewable Energy XXVIII.

Strategic Investment Structure

The expansion came through a fresh allotment of equity shares and Series B compulsory convertible debentures. Phoenix Mills received 274,332 equity shares with a face value of Rs. 10 each and 24,690 Series B Compulsory Convertible Debentures valued at Rs. 1,000 each. Its subsidiary Offbeat Developers received an allotment of 302,568 equity shares.

Captive Power Supply for Retail and Commercial Operations

The move strengthens Phoenix Mills' captive renewable power supply for its retail and commercial assets, bolstering sustainability and long-term energy security. The minimum 26% shareholding requirement qualifies Phoenix Mills and Offbeat as captive users under The Electricity Act 2003, enabling them to purchase renewable energy directly from the plant.

O2 Renewable XXVIII is a special purpose vehicle promoted by JSW Neo Energy Limited that is developing a solar power plant.

Earlier Amendments

In July 2026, The Phoenix Mills Limited and Offbeat Developers had initially announced an agreement with JSW Neo Energy Limited and O2 Renewable Energy XXVIII for subscribing to equity shares and Series B Compulsory Convertible Debentures. The investment was subsequently amended and reduced to ₹5.77 crore following a decrease in project costs.