Shoppers Stop exits from duty-free airport retail business

India Infoline News Service | Mumbai | October 07, 2017 11:23 IST

Shoppers Stop informed that the company has exited from the duty-free airport retail business.

Shoppers Stop informed that the company has exited from the duty-free airport retail business.

The company has disposed of its 40% shareholding in Nuance Group (India) Pvt. Ltd; (NGIPL) to The Nuance Group AG, Switzerland, a non-related party, at a consideration of Rs 6 crore, said the company in a BSE filing on Friday.

NGIPL was formed as 50:50 JV company, between The Nuance Group AG, Switzerland and the company and operates duty free store at Bengaluru International Airport.

With the disposal of this shareholding in NGIPL by the company to The Nuance Group AG, the Shareholders Agreement executed with them stands terminated with immediate effect and accordingly, the company has exited from the duty-free airport retail business, it added.

The stock of Shoppers Stop ended Friday’s trade at Rs 513.20 per share, up by Rs 6.05 or 1.19%.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.