French retailer Carrefour plans to exit India by closing five of its stores in the country, according to a leading daily. The store closure will bring an end to the retailer’s four-year stint in India. In a company statement, Carrefour mentioned that the complete exit will be effective by the end of September.
The report mentions that Carrefour has already informed the Indian managers on the closure.
Carrefour finally decided to close its operations in the country after failing to form a joint venture with Sunil Mittal’s Bharti Group for the wholesale business, it added.
According to Technopak Advisors, the Indian retail market will be valued at $865 billion by 2023. The government has made it mandatory for global retailers to collaborate with Indian partners for opening supermarkets. So far, Tesco is the only foreign retailer that will open open supermarkets in joint association with India’s Tata Group.