Phoenix Mills has acquired partly constructed mall which was auctioned by the Lucknow Development Authority (LDA) a couple of weeks ago, said Shishir Shrivastava, joint MD, Phoenix Mills.

"This new acquisition is about 20 kilometres away from our existing mall, it is in the heart of the action area in Lucknow,” he said.

“Lucknow has been a tier-I opportunity and with this acquisition, we are quite confident that we will care to that underserved market,” he added.

He also said that the Phoenix MarketCity Lucknow Mall can generate rental income of Rs 110-120 crore on stabilisation and it will be operational in less than 24 months.

"We are planning to double the retail portfolio by 2022 to 12msf," said Shrivastava.