New Delhi: South African firm Tourvest Holding and Out of India Retail are looking to invest Rs 18 crore to set up duty-free shops at Mumbai airport. Out of India Retail was set up in June this year and is a joint venture formed by Tourvest and Bombay Swadeshi Stores (Bombay Stores) to set up duty-free shops at international airports in India.
In an application filed with the Foreign Investment Promotion Board (FIPB), Tourvest has sought a green signal to move ahead with the joint venture and infuse funds into it.
Tourvest, through its wholly-owned subsidiary, African Tourism Holding, had entered into a memorandum of understanding with Bombay Swadeshi Stores (Bombay Stores) in September 2012 to form a consortium to bid for setting up duty-free shops at Mumbai International Airports Ltd (MIAL). Tourvest has already paid Rs 8 crore to MIAL.
18/09/13 Business Line
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In an application filed with the Foreign Investment Promotion Board (FIPB), Tourvest has sought a green signal to move ahead with the joint venture and infuse funds into it.
Tourvest, through its wholly-owned subsidiary, African Tourism Holding, had entered into a memorandum of understanding with Bombay Swadeshi Stores (Bombay Stores) in September 2012 to form a consortium to bid for setting up duty-free shops at Mumbai International Airports Ltd (MIAL). Tourvest has already paid Rs 8 crore to MIAL.
18/09/13 Business Line
