Phoenix Mills Subsidiary Completes 34.23% Stake Acquisition in Torrent Urja 22 for Captive Solar Power

Phoenix Mills Subsidiary Acquires Majority Stake in Solar Power Venture

Classic Mall Development Company Limited, the wholly owned subsidiary of The Phoenix Mills Limited, has completed subscription and allotment of 70,19,386 Class A equity shares in Torrent Urja 22 Private Limited, securing a 34.23% stake. The strategic acquisition was completed under a Share Subscription and Shareholders' Agreement dated November 28, 2025, with the final allotment confirmed on March 11, 2026.

Investment Structure and Captive Power Status

Classic Mall invested Rs 7,01,93,860 in Torrent Urja 22 through this subscription, enabling it to qualify as a captive user of the solar power project being developed by Torrent. The investment meets the legal requirement of holding a minimum 26% shareholding to maintain captive status under the Electricity Act, 2003 and Electricity Rules, 2005.

Torrent Urja 22, incorporated in August 2024, is focused on developing and constructing a solar power project. Alongside the share subscription agreement, Classic Mall has also signed a Power Supply Agreement (PSA) under which Torrent will supply solar power to Classic Mall from its captive generating station.

Phoenix Mills' Renewable Energy Trajectory

This acquisition represents the latest step in Phoenix Mills' multi-year shift toward renewable energy procurement. Phoenix Mills has earned notable recognition for sustainability, safety, and innovation, and in 2024, Phoenix Marketcity, Mumbai received the National Energy Conservation Award from the Ministry of Power, Government of India, for its strong focus on energy efficiency through solar integration, LED lighting, and smart energy systems.

The company has been integrating renewable power across its portfolio for several years. At Phoenix Marketcity Bangalore during FY21, approximately 94% of power requirement was from green energy, and similarly, approximately 85% of power requirement of Phoenix Marketcity Chennai and Palladium was from green energy during the same period.

Broader Strategy in Clean Energy

Phoenix Mills has pursued multiple renewable energy partnerships with established providers. Phoenix Mills Limited and its subsidiary Offbeat Developers Private Limited have invested Rs 59.30 million in O2 Renewable Energy XXVIII Private Limited, with the investment split between equity shares and convertible debentures, giving them up to 45% shareholding in the solar power project company, meeting their captive renewable energy needs and complying with regulatory requirements. Both companies have also signed Power Purchase Agreements to procure solar power from O2 Renewable XXVIII.

The partnership with Torrent specifically focuses on subscribing to equity shares for purchasing renewable energy generated from captive generating plants, aligning with the company's sustainability initiatives.

Regulatory Compliance and Disclosure

Phoenix Mills has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, updating both BSE Limited and National Stock Exchange of India Limited about the completion of the acquisition process, with information made available on the company's official website under the investor relations section.