Mumbai-based Phoenix Mills Ltd and Ahmedabad-based B Safal will partner the Singaporean entity GIC in building a 10 lakh square feet shopping mall in Surat which is expected to come up in the next three years. “We have just acquired the land in Surat. Right now we are in the process of getting approvals. Besides, Phoenix Mills and B Safal, Singaporean entity GIC will also be a partner in Surat mall,” said Anuraag Srivastava, CFO of Phoenix Mills. “The Surat mall will come up at City Lights locality land will measure about will be 10 lakh square feet,” he added. The land parcel has been acquired in December 2022 at a cost of Rs 510 crore. The Mumbai-based entity operates 11 malls that have a cumulative space of 8.8 million square feet.
