India, Aug. 20 -- The Competition Commission has approved The Phoenix Mills Ltd's Rs.5,450-crore plan to acquire the remaining 49% stake in its joint venture, Island Star Mall Developers Pvt Ltd (ISMDPL).

Currently, Phoenix Mills holds 51% and Canada Pension Plan Investment Board (CPP Investments) 49% in ISMDPL. After the deal, Phoenix Mills will own 100% as CPP Investments exits the joint venture.

The CCI on August 19 confirmed approving the proposed acquisition.

ISMDPL is primarily into the development of commercial and retail real estate in certain cities.

"Acquirer is engaged in the development (including designing, execution, marketing etc.), operations and leasing of commercial and retail spaces, including retail malls, commerci...