The Hindu : Business : JV for duty-free shops

Online edition of India's National Newspaper
Friday, Feb 23, 2007
ePaper


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Business

Business

JV for duty-free shops

Staff Correspondent

MUMBAI: Shopper's Stop Ltd. (SSL) and The Nuance Group of Switzerland, announced here on Thursday the formation of an equally owned joint venture company, Nuance Group (India) Pvt. Ltd., to enter the duty-free retail market at Indian airports. The joint venture is the result of a memorandum of understanding (MoU) signed between the two in June last year.

Addressing the media here, B. S. Nagesh, CEO and Managing Director, SSL, said, the joint venture had won the contract for Bangalore airport's domestic and international airport terminals and the project would be ready by April 2008. "We have also submitted our offer for the Hyderabad airport a few weeks ago and will be submitting our offer for the Mumbai airport on Friday." In the next few weeks, SSL will open two fashion and accessories stores, a bookstore and a café at Bangalore's domestic terminal. The joint venture had an authorised capital of Rs. 14 crore.

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