Shoppers Stop quits duty-free airport business

Shoppers Stop has exited duty-free airport retail business. The company has disposed of its 40 per cent shareholding in Nuance Group (NGIPL) to The Nuance Group AG, Switzerland, a non-related party, at a consideration of Rs 6 crore, says a BSE filing.

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.