The Phoenix Mills Limited and Canada Pension Plan Investment Board announced the execution of definitive documents for a new joint venture to develop a regional retail centre in Alipore, Kolkata. CPP Investments will commit to investing approximately INR 5.6 billion (CAD 93 million) in Mindstone Mall Developers Private Ltd. in tranches, for an ultimate equity stake of 49%. With the funds invested by CPP Investments and PML, Mindstone will develop a retail centre with a potential leasable area of approximately 1 million sq. ft. The target completion date is for the second half of 2024. PML and CPP Investments are also extending their commitments to their current joint venture, Island Star Mall Developers Private Limited ("ISMDPL"). Both parties have agreed to invest collectively up to INR 8 billion (CAD 133 million) into ISMDPL in tranches as required, in the ratio of their respective shareholdings. The joint venture was formed in 2017 to develop, own and operate retail-led, mixed-use developments across India. Phoenix Marketcity in Whitefield Bangalore served as the seed asset for the alliance. In addition to owning and operating Phoenix Marketcity, ISMDPL owns and is currently developing three retail-led, mixed-use developments at Wakad Pune, Hebbal Bangalore and Indore.