Adani Buys 100% Stake In France-Based Duty Free Company For Just 5,000 Euros

Adani Enterprises has bought 100% stake in a France-based dutyfree company for just 5,000 euros. In Indian rupee, that acquisition price is just Rs 4,51,825 at the current rupee against euro. Accordingly, Adani Enterprises share price will be in focus.

In its regulatory filing, Adani Enterprises said that "we would like to inform that Ospree InternationalFZCO, Dubai, a step-down subsidiary of Adani Enterprises Limited ("the Company") has acquired the 100% stake in LE MARCHÉ Duty Free SAS ("LMDF") on 6th March 2024."

LMDF is yet to commence business operations. The company belongs to dutyfree industry.

Adani Enterprises said, "The acquisition is of strategic nature in the interest of Mumbai Travel Retail Private Limited."

Notably, Adani Enterprises will take necessary RBI approval after acquisition of LMDF. The cost of acquisition is just 5,000 euros for 100% stake in LMDF.

LMDF is incorporated in France on 7thFebruary 2024 for the purpose of operating Duty Free business in France.

LMDF is owned by Atul Ahuja, a sole shareholder, who is promoter of Flemingo Group. The Company has acquired 5000 shares of LMDF having a nominal value of one (1) euro each on the face value from Atul Ahuja.

On BSE, Adani Enterprises share price ended at Rs 3,233.40 apiece, down by 2.3% with market cap of Rs 3,68,607.96 crore.