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Shopper’s Stop-Nuance Group win Hyderabad airport retail contract
The Nuance Group and its Indian joint venture partner, Shopper’s Stop, have won for seven years the retail contract for the Hyderabad airports and hope to earn revenue of US$ 240 million
Earlier this year, the Nuance Group and Shopper’s Stop had entered into a joint venture. They have now won the retail duty free concession for Hyderabad’s international and domestic airports. The contract will come into effect from March 2008, when the new airport is expected to open.
Through this contract, the joint venture partners expect to raise revenue of $240 million over the seven years’ duration of the contract. This is the second such contract that the consortium has bagged, the first one being that of Greenfield Bangalore International airport.
The international retail part will be handled by Nuance Group, which is part of the joint venture company of the Nuance Group AG and Shopper’s Stop. The domestic airport retail will be handled by Shoppers’ Stop. Together, the retail space spans approximately 28,450 sq. ft. The international and domestic terminals will house three stores each.
Roberto Graziani, president and CEO, Nuance Group, said, “India is one of our key markets and we are set to benefit from the potential of this market, having already won two contracts.”
BS Nagesh |
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