Mukesh Ambani, the wealthiest person in Asia and India, has made a significant foray into the retail sector with the inauguration of Jio World Plaza, an ultra-luxury mega-mall in Mumbai’s upscale Bandra Kurla Complex (BKC). Covering an expansive 7,50,000 square feet, the mall is set to host some of the world’s most prestigious brands, including Louis Vuitton, Gucci, Armani, and Balenciaga. The grand opening, attended by A-list celebrities and Bollywood stars, marked a milestone in Ambani’s retail ventures.
Situated just 30 minutes away from Jio World Plaza is Phoenix Palladium, India’s first premium luxury retail space in Lower Parel. This luxury mall is a flagship establishment of Phoenix Mills, a listed real estate giant with a market capitalization exceeding Rs 36,000 crore. Phoenix Mills, now a key player in the mall, residential real estate, and hotel sectors underwent a remarkable transformation from a century-old, loss-making textile company to a thriving business in the 90s. The visionary behind this successful turnaround is Atul Ruia, a Mumbai-based business tycoon who entered India’s billionaire list in 2023.
With a current net worth of nearly Rs 15,000 crore ($1.8 billion), Atul Ruia took charge of the struggling family business in 1994, recognizing the untapped potential of the 33 lakh square feet mill. Faced with challenges such as escalating production costs and labor issues, Ruia redeveloped Phoenix Mills into Mumbai’s most sought-after retail space. In 2007, he added another feather to the cap by introducing a five-star luxury hotel within the compound.
Today, Phoenix Mills operates eight malls across six cities in India, including Mumbai, Ahmedabad, Indore, Lucknow, Chennai, Pune, and Bengaluru. The business portfolio also encompasses St Regis Mumbai and Courtyard Marriott Agra hotels, showcasing the diversified success of Atul Ruia’s real estate ventures.