Phoenix Mills announced that the company will be entering into a strategic alliance with Entertainment World Developers (EWDPL) by acquiring over 42% stake in the company. Phoenix is currently building retail led mixed use development centers in Tier I cities under the brand name of `Phoenix Market City` and through partnerships with regional players in the Tier II cities. Phoenix will acquire the 42% stake through a combination of fresh cash infusion to acquire equity in EWDPL, and through the merger of certain entities that currently own equity in EWDPL. As a result of the transaction, EWDPL`s post money equity is being valued at Rs 12,500 million. EWDPL is a Tier II city centric retail mall, mixed use developer, currently engaged in the construction and operation of mixed-use retail centers and townships. The investment and partnership with EWDPL is aligned to Phoenix`s plans of establishing long-term relationship with leading pan-India and regional developers with the objective of achieving a formidable cross-country footprint as the leading retail led mixed format player over the next three years.   more »