Gautam Adani-led Adani Enterprises on Wednesday said that the company’s Dubai arm, Ospree International FZCO, has acquired France-based Le Marche Duty Free SAS (LMDF) at a cost of 5,000 euros.
In an attempt to further push its expansion in the duty free industry, Adani Enterprises said in an exchange filing that the acquisition is of strategic nature in the interest of Mumbai Travel Retail Private Limited.
LMDF was incorporated February 7, 2024 and is owned by promoter of Flemingo Group, Atul Ahuja and business operations are yet to commence.
“The Company has acquired 5000 shares of LMDF having a nominal value of one (1) euro each on the face value from Mr. Atul Ahuja,” Adani Enterprises said.
Adani Group, which is a major operator of airports in India, had expressed its plans to foray into duty free industry in November 2023, with the formation of a wholly-owned subsidiary, MTRPL Macau Ltd, in Macau for setting up duty free shops at MAcau International Airport.
The airport had rolled out tenders and said it was looking for an “operator to operate duty-free liquor and tobacco services, optionally with or without general merchandise retail services (but no perfume and cosmetics), with the defined sub concession areas at Macau International Airport.”
The ports-to-oil conglomerate has lately forayed into various segments including telecom, data centre, cement and media.
Source: Economic Times