Shoppers Stop today said it has exited from the duty-free airport retail business after disposing of 40 per cent 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 per cent in April 2017.
The company has disposed of its 40 per cent 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 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 per cent up at Rs 513.20 on BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)