Damas, Flemingo to set up duty-free shops

New Delhi: Dubai-based jewellery major Damas Jewellery LLC has set up a joint venture company with the Indian arm of Flemingo International to set up duty-free shops at airports for selling jewellery products and luxury watches. 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.
While Damas is holding a 51% equity stake in the JV, the remaining stake will be with Flemingo. The new company, which has been registered under the Indian Companies Act, 1956, is called Flemingo Jewellery India Pvt Ltd. This company has already won the contract from state-owned Airports Authority of India (AAI) to set shops at three airports. The proposed shops shall use the brand name Damas as long as the Damas Jewellery LLC remains part of the joint venture firm.
21/03/07 Sunny Verma & G Ganapathy Subramaniam/Economic Times

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Categories: Airports Mar 2007, Foreign Mar 2007