Shoppers Stop reduces shareholding in Nuance Group India from 50% to 40%

INDIA. Indian retail chain Shoppers Stop has reduced its shareholding in joint venture company Nuance Group India from 50% to 40%.

Shoppers Stop said in a regulatory filing to the National Stock Exchange of India that the reduction in percentage was made “on account of non-subscription of Nuance Group India’s rights issue of equity shares by the company”.

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Nuance Group India operates duty free stores at Bengaluru Kempegowda International

As reported, the Indian company reduced its shareholding in Nuance Group Fashion and Luxury Duty-Free Private (NGFL) from 5% to 0.00035% of the paid-up share capital of NGFL in February.

Nuance (now owned by Dufry) has been present in the Indian travel retail market since 2006, through its joint venture with Shoppers Stop.

Nuance Group India is based out of Bangalore. It operates duty free stores in both arrivals and departures at Bengaluru Kempegowda International Airport.

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