Phoenix Mills Subsidiary to Acquire 26% Stake in Torrent Urja 22 for Renewable Energy Supply

The Phoenix Mills Limited's wholly owned subsidiary, Classic Mall Development Company Limited, has entered into a Share Subscription and Shareholders Agreement (SSSA) with Torrent Green Energy Private Limited and Torrent Urja 22 Private Limited. Through this agreement, Classic Mall will subscribe to 70,19,386 Class A Equity Shares of Torrent for the purchase of renewable energy generated from the captive generating plant. Additionally, a Power Supply Agreement has been signed between Classic Mall and Torrent, allowing for the supply of solar power in accordance with the agreements. This acquisition is aimed at meeting the requirements under the Electricity Act 2003, Electricity Rules 2005, and other applicable laws to hold a minimum of 26% shareholding for captive status compliance.