Friday, December 22, 2006

Swiss firm to set up duty-free shops at Mumbai, Bangalore, Hyderabad airports

New Delhi: Swiss firm Nuance Group’s plan to set up duty-free shops in airports is among the 18 applications involving a total of Rs 64.66 crore foreign direct investment proposals approved by the government on Thursday.
Nuance Group plans to invest Rs 25 crore to manage duty-free shops in airports. The proposals were cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, an official statement said.
Nuance Group’s proposal is to undertake operation and management of duty-free shops, food and beverage outlets at airports in Mumbai, Bangalore, Hyderabad and other places.
Similarly, Federal Express has also been allowed to pick up 100 per cent equity in Prakash Air Freight.
22/12/06 Economic Times
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