Adani Enterprises’ Dubai arm buys Le Marche Duty Free

7 Mar 2024 , 10:38 AM

Adani Enterprises, managed by Gautam Adani, said on Wednesday that its Dubai branch, Ospree International FZCO, has bought Le Marche Duty Free SAS (LMDF), situated in France, for €5,000.

In an attempt to accelerate its development in the duty-free business, Adani Enterprises stated in an exchange filing that the purchase is crucial in the benefit of Mumbai Travel Retail Private Limited.

Founded on February 7, 2024, LMDF is owned by Atul Ahuja, the founder of the Flemingo Group. Despite its establishment, the commencement of business operations is still pending.

In a press release, Adani Enterprises announced the acquisition of 5000 shares of LMDF, each with a nominal value of one (1) euro, directly from Atul Ahuja.

Adani Group, a prominent airport operator in India, announced intentions to enter the duty-free business in November 2023, with the creation of a wholly-owned subsidiary, MTRPL Macau Ltd, in Macau to establish duty-free stores at Macau International Airport.

The airport released bids, seeking an operator for duty-free spirits and tobacco services at Macau International Airport. The bid allows for the inclusion of general merchandise retail services but excludes perfume and cosmetics. Specific sub concession areas have been defined for this opportunity.

The ports-to-oil conglomerate has recently expanded into a variety of industries, including telecom, data centres, cement, and media.

Adani Enterprises Limited is now focusing on companies such as airports, highways, water management, data centres, solar manufacturing, military and aerospace, edible oils and foods, mining, integrated resource solutions, and integrated agricultural goods.

At around 10.32 AM, Adani Enterprises was trading 0.28% higher at ₹3,243.15 per piece, against the previous close of ₹3,233.95 on NSE.

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