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The three-component reaction of triphenylphosphine,dialkyl acetylenedicarboxylate and arylideneindan-1,3-dione in dry DME at zero to room temperature resulted in functionalized 4-(triphenyl-λ5-phosphanylidene)-1,3-dihydrospiro[cyclopentane-1,2-indene]in 65-87% yields.The unusual feature of the reaction is the triphenylphosphanylidene group retaining in the spiro product.