Carrefour to end four-year presence in India, close five stores - Economic Times

MUMBAI: Carrefour, France's largest retailer, said it plans to close its five stores in India, ending its four-year presence here. The company informed managers in the country of its decision this evening, people familiar with the matter said.

Carrefour is exiting the country after the failure of talks with billionaire Sunil Mittal's Bharti Group to form a joint venture for its wholesale business there.

The withdrawal will be effective at the end of September, Boulogne-Billancourt, France-based Carrefour said in a statement on Monday. Until then, the company will continue to be "fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition," it said. India's retail market is projected to be worth $865 billion by 2023, according to consultant Technopak Advisors. Local laws require international retailers to find an Indian partner to open supermarkets.

Tesco is the only global chain that plans to open such outlets, with India's Tata Group. Wal-Mart Stores, Germany's Metro and Carrefour all run wholesale warehouse-like stores where only registered traders can shop for goods. Franck Kenner, a spokesman at Carrefour's Indian unit, declined to comment when asked about whether the company is considering selling any of its stores to rivals.

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