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Shoppers Stop Ltd has announced that the Nuance Group AG and the Company have on April 04, 2007 been awarded the concession to operate retail at Hyderabad International Airport. The JV partners are expecting to earn revenue of upto USD 240 million over the period of seven years. The contract will commence in March 2008, when the new airport is scheduled to open with this concession, Nuance, who has defined India as a key growth market, adds a second high-potential airport to its Indian portfolio.Hyderabad Airport has awarded the concession to operate retail at both the international and domestic terminals to the consortium of the two Companies. The international retail will be managed by Nuance Group (India) Pvt Ltd, the joint venture Company of The Nuance Group AG and the Company, whereat the Company will handle retail in the domestic part. The two contracts together cover retail space of approximately 28,450 sq ft for a duration of seven years. Over the contract the concession's estimated worth is USD 240 million.Hyderabad Airport is one of India's 5 largest airports and also the one with the highest growth rate. The new airport to be opened in 2008, is privately owned. In 2006, Hyderabad Airport handled 5.5 million passengers on an annual basis, out of which just 1.1 million traveled internationally.The retail offer in the international terminal will comprise a total of three stores, covering approx. 25,000 sq ft. One of these stores is approx. 12,770 sq ft arrival store. Domestic retail will consist of three stores and a total of approx. 3,100 sq ft.B S Nagesh, Managing Director, of the Company, explains: "Hyderabad airport awarding the tender to us show the confidence the airports have in the capability of the joint venture between Nuance and Shopper's Stop. We believe our customers centric approach towards retailing will bring in the best of modern retail at Hyderabad airport creating a unique shopping experience for the Indian as well as the international traveler."Further, the Company has informed that, GMR Hyderabad International Airport Ltd has awarded the licence to operate duty free and duty paid retail facilities at Greenfield Hyderabad International Airport, Shamshabad, Andhra Pradesh to Nuance Group (India) Pvt Ltd and the Company.Further, the license to operate aforesaid duty free retail facilities has been awarded to Nuance Group (India) Pvt Ltd, a consortium comprising of The Nuance Group AG, Switzerland and the Company, whereas licence to operate aforesaid duty paid retail facilities has been awarded to the Company.
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