ITDC to set up JV with Aldeasa of Spain
New Delhi, Apr 26 (UNI) The government today allowed India Tourism Development Corporation (ITDC) to form a Joint Venture (JV) Company with Aldeasa of Spain and subscribe to 50 per cent of the paid up equity capital of the proposed company.
The formation of the proposed JV company with Aldeasa would enable ITDC to effectively compete in the duty-free retail industry in India and also expand its business operations to locations outside the country, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
Aldeasa would bring on board a strong international brand name, state-of-the-art technology platforms, cutting-edge retailing practices as well as global sourcing and supply chain linkages.
UNI
Comments
Story first published: Thursday, April 26, 2007, 22:09 [IST]