Management had answer this in the Conall of Q1FY25, by saying, DFS is a channel partner for Adani-owned lounges. So, Adani is not directly becomes a competitor for them.
Honestly I am not convinced, as Adani One ICICI Credit Card offering low annual fee than DFS Membership fee.
As DFS is diversifying its business services, only time will tell.
Disc: Holding Very small Amount of Shares for Long.
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