Classic Mall Development Company Limited, the wholly owned subsidiary of The Phoenix Mills Limited, has entered into a Share Subscription and Shareholders’ Agreement (SSSA) with Torrent Green Energy Private Limited and Torrent Urja 22 Private Limited for subscribing to 70,19,386 Class A equity shares of Torrent Urja 22. The company disclosed the development in a regulatory filing dated November 28, 2025.
As per the filing, Classic Mall will invest Rs 7,01,93,860 in Torrent Urja 22 through this subscription, enabling it to qualify as a captive user of the solar power project being developed by Torrent. The investment meets the legal requirement of holding a minimum 26% shareholding to maintain captive status under the Electricity Act, 2003 and Electricity Rules, 2005.
Alongside the SSSA, the subsidiary has also signed a Power Supply Agreement (PSA) under which Torrent will supply solar power to Classic Mall from its captive generating station.
Torrent Urja 22, incorporated in August 2024, is focused on developing and constructing a solar power project. The entity has no turnover in FY25, as it is a newly formed project company. The transaction does not fall under related-party transactions, and Phoenix Mills clarified that its promoters or group entities have no interest in Torrent.
The acquisition process is expected to be completed within 15 days, subject to fulfilment of conditions precedent, and the consideration will be paid entirely in cash.
Phoenix Mills has uploaded the detailed disclosure and Annexure A on its investor portal for public access.
