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India's Shoppers Stop exits duty-free retail biz

Indian department store operator Shoppers Stop Ltd. on Oct. 6 exited the duty-free airport retail business after it sold its remaining 40% stake in Nuance Group India Pvt. Ltd., which operates duty-free stores at Bengaluru International Airport in the Indian state of Karnataka, to Swiss retailer The Nuance Group AG.

Nuance Group India is an equal joint venture formed in 2006 by Shoppers Stop and The Nuance Group AG. The Indian company's stake in the business was reduced to 40% in April.

Shoppers Stop sold its 40% stake to the Swiss company for 60 million rupees, according to a regulatory filing.

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.