DFS Group applies for Indian investment

Gavin Lipsith

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The retailer is seeking approval to spend up to $4m on a joint venture to operate duty-free stores at the country’s airports

DFS Group has applied to India’s Foreign Investment Promotion Board to open a joint venture to operate duty-free outlets at airports in the country. The retailer, which has already been shortlisted for the duty-free contract at privately-operated Bangalore International airport and has submitted a bid for Delhi airport, plans to spend up to $4m establishing the venture.

The Indian Economic Times quoted industry sources as saying that the company would examine opportunities at other airports depending on its experience at Bangalore and Delhi. The report did not speculate on whether DFS had already found a partner for the venture.

The application follows the approval of Alpha Airports Group’s request to invest in an Indian subsidiary. Alpha has partnered major local retailer Pantaloon Retail (India) in bids at Indian airports, while The Nuance Group has joined forces with domestic retail company Shoppers’ Stop and Aer Rianta International is cooperating with established Indian airport retailer Flemingo International. Former state monopoly India Tourism Development Corp has issued a formal request for expressions of interest in setting up a joint venture with an international travel retailer.