Friday, October 06, 2017

Shoppers Stop exits duty-free airport retail biz

Shoppers Stop said it has exited from the duty-free airport retail business after disposing of 40 percent stake in Nuance Group India, which operates stores at the Bengaluru International airport.

Nuance Group India Pvt Ltd (NGIPL) was formed as a 50:50 joint venture between Shoppers Stop and Nuance Group AG Switzerland. However, the shareholding was reduced to 40 percent in April 2017.

The company has disposed of its 40 percent stake in NGIPL to the Nuance Group AG Switzerland at a consideration of Rs 6 crore, Shoppers Stop said in a regulatory filing.

The joint venture NGIPL operates a duty-free store at the Bengaluru International airport.
06/10/17 PTI/moneycontrol
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