Adani Enterprises’ step-down subsidiary -- Mumbai Travel Retail (MTRPL), Ospree International FZCO (Ospree), wholly owned subsidiary of MTRPL, and Eurotunnel JV INC. (ETJV) (Part of Falic Group-Duty Free Americas) have entered into Joint Venture (JV) agreement for setting up a new free zone company in United Arab Emirates (JV Company) through which business shall be conducted in France and any other territory, as may be mutually agreed between the parties.

The JV Company will be owned by Ospree and ETJV in the ratio of 51:49. JV Company will be formed under Jafza Companies Implementing Regulations 2016 in the United Arab Emirates with the Authorized Share Capital of Arab Emirates Dirhams 100,000 divided into 10,000 ordinary shares of a nominal value or par value of Arab Emirates Dirhams 10 each.

Adani Enterprises is the flagship company of Adani Group, one of India’s largest business organisations.