RETAIL STORE INDIA

The Retail Space Provider Company

26 Jan, 2008, 0019 hrs IST, TNN

NEW DELHI: French retail major Carrefour said on Friday that it is entering the Indian cash-and-carry market in India and is in the final leg of negotiations to pick a franchisee for other retail stores.

“Carrefour confirms its decision to enter the Indian market with cash-and-carry stores and confirms it is in the final round of negotiation to select an Indian franchisee partner for all other retail stores,” a statement issued by the French Embassy in India said.

The Embassy spokesman also said that Carrefour has shortlisted up to three franchise joint venture partners in India. Carrefour would also launch a wholly-owned cash-and-carry business, the spokesperson said. Both retail businesses are slated to be operational in the second half of 2009. Indian regulations currently allow 100% FDI in cash-and-carry retail.

Carrefour top executives were in Delhi as part of the business delegation accompanying French President Nicolas Sarkozy, currently on a visit to India.

Wal-Mart Stores already has a joint venture with Sunil Bharti Mittal-owned Bharti Retail for cash-and-carry and front-end operations in India. Metro AG and Shoprite Holdings also operate cash-and-carry stores in India.

 

Source : The Economic Times