Shoppers Stop has disposed off its 40% shareholding in Nuance Group (India) (NGIPL) to the Nuance Group AG, Switzerland, a non-related party, at a consideration of Rs 6 crore.
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.
Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper’s Stop, Home Stop, Crossword, Cafes and Restaurants etc.
