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(From left) Mr Carlo Bernasconi, Executive V-P Business Development & Strategic Marketing, The Nuance Group; Mr B.S. Nagesh, Customer Care Associate and Managing Director, Shoppers' Stop Ltd; and Mr Roberto Graziani, President & CEO, The Nuance Group, at a press conference in Mumbai on Thursday. — Paul Noronha

Mumbai, Feb.22

Shoppers' Stop has obtained Foreign Investment Promotion Board (FIPB) approval to start its airport-retailing venture with the Nuance Group AG. With an authorised capital of Rs 25 crore, the 50:50 joint venture company, Nuance Group (India) Pvt Ltd, has already won the contract for the Bangalore airport.

At a press conference, Mr B.S. Nagesh, Customer Care Associate and Managing Director, Shoppers' Stop, said, "We are also one of the bidders for the Hyderabad airport and recently submitted our bids for the Mumbai international airport.'' Bagging the contract for the Bangalore international and domestic airports, the joint venture company intends investing $3.8 million for the airport-retailing venture.

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