Damas allowed 51% in FDSPL venture

New Delhi: The government has cleared a proposal from Dubai-based Damas for investing 51% in a joint venture with Flemingo International’s Indian arm to set up duty-free jewellery outlets at Indian airports.
Damas Jewellery LLC has set up a JV firm with the Flemingo Duty Free Shop Pvt Ltd (FDSPL) to set up duty-free shops at airports for selling jewellery products and luxury watches. The new JV company, which has been registered under the Indian Companies Act, 1956, is called Flemingo Jewellery India Pvt Ltd.
The Foreign Investment Proposal Board (FIPB) has cleared the Damas-Flemingo joint ventrue, according to official sources. Damas will be selling its gold jewellery brands like harmony and legacy and its diamond brands at major airports. Damas has already been allowed to set up shops at Chennai, Trivandrum and Jaipur international airports. Operations at these airports are expected to begin within a month.
30/03/07 Economic Times

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Categories: Airports Mar 2007, Foreign Mar 2007