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Reliance Retail, Bharti Enterprises in discussions to buy Carrefour’s Indian assets

RBR Staff Writer Published 10 July 2014

India-based Reliance Retail and Bharti Enterprises are reportedly in talks to purchase Carrefour’s Indian assets, as the French retailer announced plans to shut down its Indian operations.

Carrefour, the second-largest retail chain in the world and the largest in Europe, runs five cash-and-carry stores in India.

"The closure of Carrefour's business in India will be effective at the end of September 2014. Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition," Carrefour said.

Currently, Reliance Retail operates in the cash and carry segment under the brand name Reliance Market.

Carrefour has been operating in India since 2010. As part of its long term strategy, the retailer is seeking to exit underperforming markets and revive its French business.

In the past few years, the supermarket operator has exited markets like Greece, Colombia, Singapore, and Malaysia, among others.

In 2012, the Federal Government of India allowed 51% FDI in multi-brand retail in India, despite heavy opposition from opposition parties.

However, the newly elected Indian government is likely to ease restrictions for foreign online retailers to allow them to sell their own products in the country.

Carrefour Group operates more than 10,100 stores in 34 countries.