Phoenix Mills Limited (PML), a prominent player in India's real estate sector, has taken a significant step towards streamlining its corporate structure. The company recently announced that the Ministry of Corporate Affairs has approved the voluntary strike-off of three of its non-material wholly owned subsidiaries.

Subsidiaries Struck Off

The three subsidiaries that have been struck off are:

1. Enhance Holdings Private Limited (EHPL)
2. Sangam Infrabuild Corporation Private Limited (SICPL)
3. Bartraya Mall Development Company Private Limited (BMDCPL)

As a result of this approval, these entities have ceased to be wholly owned subsidiaries of Phoenix Mills Limited.

Strategic Implications

This move appears to be part of Phoenix Mills' strategy to simplify its corporate structure and potentially improve operational efficiency. By removing non-material subsidiaries from its portfolio, the company may be able to focus more on its core business activities and reduce administrative overhead.

Regulatory Compliance

In line with regulatory requirements, Phoenix Mills has duly informed the stock exchanges about this development. The company stated that this information has also been uploaded on its official website, demonstrating its commitment to transparency and keeping shareholders informed.

Recent Corporate Activities

It's worth noting that this announcement comes on the heels of Phoenix Mills' 120th Annual General Meeting (AGM). During the AGM, the company addressed various matters including the adoption of financial statements, declaration of dividends, and the re-appointment of directors.

The AGM also saw the re-appointment of Mr. Rajesh Kulkarni as Whole-time Director for a period of 5 years, subject to shareholder approval.

Looking Ahead

As Phoenix Mills continues to evolve its corporate structure, investors and market watchers will be keen to see how these changes impact the company's operations and financial performance in the coming quarters. The streamlining of subsidiaries could potentially lead to more focused growth strategies and improved resource allocation within the Phoenix Mills group.

While the immediate financial impact of striking off these non-material subsidiaries may be limited, it underscores the company's proactive approach to corporate governance and operational optimization.

Phoenix Mills , a leading retail-led mixed-use developer in India, has announced a significant leadership change. Shishir Shrivastava, who has been serving as the company's Managing Director, is set to be elevated to the position of Non-Executive Vice Chairman, effective October 1, 2025.

A New Chapter in Leadership

The Board of Directors of Phoenix Mills Limited, subject to shareholder approval, has approved Shrivastava's new role for a two-year term, extending until September 30, 2027. This move marks a strategic shift in the company's executive structure, positioning Shrivastava in a key advisory and mentorship capacity.

Shrivastava's Journey with PML

Shishir Shrivastava's association with Phoenix Mills dates back to 1999, during which he has played a pivotal role in transforming the company into India's leading retail-led mixed-use developer. His journey with PML began as a Project Manager for the early phases of High Street Phoenix (now Phoenix Palladium) and progressed to leading landmark projects such as The St. Regis, Mumbai, and the Phoenix MarketCity portfolio.

Contributions and Achievements

Throughout his tenure, Shrivastava has been instrumental in:

• Spearheading the company's property management, development management, and leasing advisory businesses
• Overseeing strategy, capital raising, business development, and land acquisition
• Successfully navigating the company through challenging periods, including the COVID-19 pandemic
• Forging long-term partnerships with leading global investors
• Executing transformative private equity transactions
• Integrating sustainability as a growth pillar for the company

Leadership Transition

In his new role as Non-Executive Vice Chairman, Shrivastava will continue to guide and mentor the company's executive management. He will support the Chairman and other Board members in formulating growth strategies and general corporate decision-making.

Additional Board Changes

Alongside Shrivastava's elevation, Phoenix Mills Limited has also announced two other significant appointments:

1. Mr. Rajesh Kulkarni, Whole-time Director, has been designated as a Key Managerial Personnel of the company, effective October 1, 2025.
2. Ms. Rashmi Sen, Whole-time Director, has also been designated as a Key Managerial Personnel, effective the same date.

Looking Ahead

As Phoenix Mills Limited enters this new phase of leadership, the company continues to focus on executing its development pipeline, driving operational excellence, and delivering value to all stakeholders. With Shrivastava's wealth of experience and strategic vision now at the board level, PML is well-positioned to navigate future challenges and opportunities in the dynamic real estate and retail sectors.

The changes in the executive structure reflect Phoenix Mills' commitment to leveraging its experienced leadership team while fostering new talent and perspectives at the highest levels of the organization.