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.

Phoenix Mills Limited, a leading retail-led mixed-use developer in India, has received strong shareholder support for the exit of Canada Pension Plan Investment Board (CPP Investments) from its material subsidiary, Island Star Mall Developers Private Limited (ISMDPL). The resolution was passed through a postal ballot, with an overwhelming majority of 98.59% of valid votes cast in favor.

Voting Details

The postal ballot voting, conducted through remote e-voting, took place from August 15 to September 13, 2025. Out of the total 90,192 shareholders on record as of the cut-off date (August 8, 2025), 939 remote e-voting confirmations were received, covering 15.91 crore shares. After excluding 32 invalid confirmations, the final tally showed:

Breakdown by Shareholder Category

The voting results revealed interesting patterns across different shareholder categories:

1. Promoter and Promoter Group: Did not participate in the voting.
2. Public Institutions:
   • Polled 88.39% of their held shares
   • 98.58% voted in favor
   • 1.42% voted against
3. Public Non-Institutions:
   • Polled 6.01% of their held shares
   • 99.64% voted in favor
   • 0.36% voted against

Scrutinizer's Report

Mr. Himanshu S. Kamdar, Partner of Rathi & Associates, Practicing Company Secretaries, was appointed as the Scrutinizer for the remote e-voting process. The Scrutinizer's report, dated September 13, 2025, confirmed that the ordinary resolution was passed with the required majority.

Implications and Next Steps

The approval of this resolution paves the way for CPP Investments to exit from ISMDPL, a material subsidiary of Phoenix Mills Limited. This move could potentially lead to changes in the ownership structure and strategic direction of ISMDPL.

Phoenix Mills Limited has made the voting results and Scrutinizer's report available on the company's website and the MUFG Intime India Private Limited platform, ensuring transparency in the process.

As the retail and real estate sectors continue to evolve, this development may signal shifts in investment strategies and partnerships within the industry. Shareholders and market observers will be keen to see how this exit impacts both Phoenix Mills and ISMDPL's future operations and growth plans.