Xander-backed Virtuous Retail is in advanced talks with Tata Realty and Infrastructure (TRIL) to buy two mall projects in a deal valued at around Rs 700 crore.
TRIL will be exiting the two mall properties, totaling 1.15 million square feet, in Amritsar and Nagpur. TRIL owns 90% stake in these assets.
“The deal is expected to be concluded this month. While the Amritsar mall is operational, Nagpur is expected to open in the next two months,” one of the two people aware of the deal told ET.
“Virtuous Retail is in the final stages of (concluding) the deal. It is aggressively looking at building its retail portfolio through both the organic and inorganic routes in India. The TRIL deal fits well into its strategy of growing its presence in the retail development through the right acquisitions,” said another person having direct knowledge of the deal.
Rohit George, MD, Virtuous Retail South Asia, and Sanjay Dutt, MD & CEO, TRIL, could not be reached for their comments.
Virtuous Retail currently has 8.3 million square feet of mall projects — both operational and under development. It is looking at acquiring malls in top cities, including tier-I and tier-II centres. The company is present in Karnataka, Tamil Nadu, Gujarat and Punjab, and is looking to expand into bigger markets such as Mumbai and Delhi-NCR.

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