Mumbai: Adani Enterprises on Wednesday said that its Dubai-based subsidiary, Ospree International FZCO, has purchased full ownership of Frances Le Marche Duty Free SAS (LMDF) for 5,000 euros, media reported, citing a stock exchange filing.
LMDF was established in France on February 7, 2024, with the intention of conducting duty-free operations within the country. However, the company has not yet initiated its activities.
Atul Ahuja, the founder of Flemingo Group, is the proprietor of LMDF. Adani disclosed that it has procured 5,000 shares of LMDF, each valued at one euro, from Ahuja, who holds the entire ownership, Moneycontrol reported.
The acquisition is of strategic nature and is aimed at benefiting Mumbai Travel Retail Private Ltd (MTRPL), a subsidiary of Adani Enterprises, according to the exchange filing.
Adani Group is a major player in Indias airport operations, managing key airports in Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, and Thiruvananthapuram. Additionally, it is involved in the development of the upcoming international airport in Navi Mumbai.
In November, Adani Enterprises had previously notified the exchanges about its plans to establish a company in Macau, an autonomous region in South China.
This entity would bid for the operation of duty-free shops at Macaus international airport.
MTRPL, the arm of Adani, has completed the incorporation process of its wholly-owned subsidiary namely MTRPL Macau Ltd in Macau on November 20, 2023, a regulatory filing had stated.
