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The ZnO is one of the best transparent conducting oxide (TCO) materials for optoelectronic properties. Primarilly three phases of ZnO namely wurtzite, rocksalt and zincblend along with other prominent phases under different pressure and with different phase transformation routes are reported. The route of phase transformation may differ and depends on the external parameters such as pressure. The conventional route for the phase transformation of wurtzite (B4) phase into CsCl type (B2) phase via rocksalt phase (B1) is estimated at the relatively high pressure value of the 256 GPa. In present paper, we propose a new route of transformation of B4 to B2 phase of ZnO via β-BeO type phase at relatively low pressure value of 43 GPa. In present study, the phase transformation analysis and the electronic structure analysis for different phases are carried out by using density functional theory (DFT). It is also observed that B2 phase have high dispersive nature of bottom of conduction band and consequently high mobility of charge carriers. It indicates the possibility of B2 phase may have better TCO properties among other phases of ZnO. [ABSTRACT FROM AUTHOR]