Argus Partners advised Mindstone Mall Developers Private Limited, wholly-owned subsidiary of The Phoenix Mills Limited, in acquiring approximately 7.48 acres of prime land in Alipore, Kolkata from Linde India Limited, for a total consideration of Rs. 300 crores. Linde India is a member of the Linde Group - a leading global industrial gases and engineering company.
The transaction, which would be counted as one of the largest deals in Eastern India dealing with an outright conveyance included certain complex regulatory issues. Apart from negotiating and finalising the conveyance deed on behalf of the client, Argus Partners also advised and successfully represented the purchaser's interest before Competent Authority, Urban Land Ceiling Department, in obtaining ULC permission for transfer of a land parcel.
The land parcel, strategically located on Diamond Harbour Road in Alipore, Kolkata, has the development potential of approximately 1 million square feet (msf) with the first phase of the development expected to be operational during FY25, subject to necessary approvals.
Shishir Shrivastava, Managing Director at Phoenix Mills said "We are witnessing a strong recovery across our businesses that faced a temporary disruption during 2020. With businesses stabilizing, we are executing our strategy of expanding in Tier-1 cities of India. This greenfield development opportunity in Kolkata is the first such addition to our portfolio in 2021 and will add to our operational developments beyond 2024."
Argus Partners was represented by Arka Majumdar, Partner.