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Phoenix to buy 60 p.c. stake in United Malls

MUMBAI: Phoenix Mills has announced its intention to acquire a majority equity stake of over 60 per cent in Big Apple Real Estate Pvt. Lid., (Big Apple), the owners of the United Malls brand. The stake is being acquired through the swap of Phoenix’s stake in its Agra project (Market City in Agra) into Big Apple and through an infusion of around Rs. 80 crore as fresh capital, the company informed the Bombay Stock Exchange. — Corporate Reporter

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