Phoenix Mills Limited's subsidiary, Astrea Real Estate Developers Pvt. Ltd., has acquired 9.03 acres of land in Coimbatore city for more than Rs.300 crore, and it is en route to develop a premium mall in the city, as per reports.

Shishir Shrivastava, Managing Director at The Phoenix Mills said that they are pleased to announce about their acquisition in Coimbatore, which is for a greenfield retail development project.

"The land is at a strategic location on Avinashi Road in the vicinity of prominent catchments including prime residential areas like Racecourse road, Peelamedu and Gandhipuram. Given the strategic location, the large captive population and the rapid growth expected in Coimbatore, we believe that our upcoming retail centre can cater to the untapped and growing retail demand in this city," he added.

Phoenix Mills runs 10 premium malls in cities including Chennai, Bengaluru, Mumbai, Pune, Lucknow, Ahmedabad and Indore. Its Coimbatore project will be its second retail development in Tamil Nadu, after Chennai.