Business Daily from THE HINDU group of publications
Wednesday, Oct 04, 2006
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Business Daily from THE HINDU group of publications Wednesday, Oct 04, 2006 ePaper |
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Marketing
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Strategy Logistics - Airlines Alpha Airports to set up subsidiary in India Ambarish Mukherjee
The company plans to enter into the business of flight kitchen, apart from setting up food and beverage catering outlets and operating duty-free shops in Indian airports.
New Delhi , Oct. 3 The UK-based Alpha Airports Group Plc has firmed up plans to capitalise on the boom in the Indian aviation sector and has decided to open a wholly owned subsidiary here. The company plans to enter into the business of flight kitchen, apart from setting up food and beverage catering outlets and operating duty-free shops in Indian airports. The company has sought approval from the Foreign Investment Promotion Board to set up a wholly owned subsidiary in India with a foreign direct investment of $5 million. The company has informed that the proposed subsidiary shall act as a holding company for the company's downstream investments in operating flight kitchens, F&B outlets, duty-free shops and related infrastructure such as bonded warehouses at the airports, sources said.
Duty-free shops
According to the application filed by the company, the proposed duty-free shops would be considered to be in the nature of trade outside the custom territory of India and the shops will sell only in foreign currency and not in Indian rupee and that sale will only be based on valid licences. Alpha Airports currently services over 100 airlines and 83 airports in 15 countries around the world, according to the company's Web site. Listed on the London Stock Exchange (LSE), the company's annual revenue last year was around $550 million.
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