French supermarket group Carrefour, the world’s second largest retailer , is close to a deal that will finally see it set up franchise stores in India, a report said Wednesday. The French group has been looking for a partnership in India for years and was first reported to be in talks with Indian group Future Value Retail, a unit of Pantaloon Retail, in January last year. The two companies were now “close to deal” that would soon be formally announced. A tie-up would follow similar alliances between India’s Bharti telecoms group and US Wal-Mart and the Indian tea-to-steel Tata Group and Britain’s Tesco. Future Value Retail owns supermarket chains Big Bazaar and Food Bazaar. The Carrefour franchises would be aimed at affluent customers in cities, the newspaper said. Under India’s tight foreign investment rules, no overseas chains are permitted in the retail sector — except for single-brand outlets such as Nokia or Reebok — to protect local retail players. Foreign groups such as Wal-Mart or Carrefour can only be wholesalers and must partner with domestic companies to enter the retail market, valued at 400 billion dollars and forecast to grow rapidly in the coming years.
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France’s Retail Giant Carrefour Set for Indian Venture in Partnership with Future Value Retail
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