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.
With the disposal of the shareholding in NGIPL to the Nuance Group AG, the shareholders' agreement with them stands terminated with immediate effect and accordingly the company has exited from the duty-free airport retail business, Shoppers Stop said.
The stock closed 1.19 percent up at Rs 513.20 on BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
