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9 Jul, 2014

Carrefour exits India, in talks to sell its 5 wholesale stores – Hindustan Times

French retail giant Carrefour on Tuesday said it will exit its India business and has initiated talks with Reliance Retail and Bharti Enterprises to sell its assets in the country.

Carrefour, the world’s second largest retailer, operates five cash-and-carry wholesale stores in India, and has invested around `300 crore in the country.

“Carrefour announced its intention to close its five cash & carry stores in India where it has operated since 2010. The closure of Carrefour’s business in India will be effective at the end of September 2014,” the company said without giving further details.

Spokespersons for Reliance Retail and Bharti enterprises also declined comments.

Read the rest: Carrefour exits India, in talks to sell its 5 wholesale stores – Hindustan Times.