MUMBAI/PARIS, July 8 French retail giant
Carrefour SA will shut down its Indian operations and
close its wholesale stores in the country, as it exits
underperforming markets to focus on reviving its French
The world's no.2 retailer by sales, which has been operating
in India since 2010, will shut its five Indian wholesale stores
by the end of September, it said in a statement late on Monday.
Carrefour has been in talks with Indian retail companies and
strategic investors about its Indian assets in recent months,
after flagging in March that it was considering the future of
It wasn't immediately clear if Carrefour had found a buyer
for the business. A Carrefour spokesperson declined to give any
The Indian government opened up the country's $500 billion
retail sector to foreign supermarket operators in 2012, but
mandatory local sourcing requirements and a decision to let
individual Indian states decide whether to allow global chains
has deterred new entrants.
Only British supermarket operator Tesco Plc has so
far announced plans to set up stores in India.
The new Indian government under Narendra Modi, elected in
May, has also opposed foreign investment in the supermarket
sector, fearing it will hurt small shopkeepers.
The world's largest retailer Wal-Mart Stores Inc
last year called off its Indian partnership and shelved a plan
to open retail stores.
Wal-Mart is now focusing on opening wholesale stores in the
country and recently launched an e-commerce venture in India.
Carrefour, under Chief Executive Georges Plassat, has in the
past said it will sell non-core assets to raise cash to defend
key markets in western Europe, China and Brazil.
The supermarket operator has exited markets like Greece,
Colombia, Singapore and Malaysia among others in the past few
(Reporting by Nandita Bose in Mumbai and Leigh Thomas in Paris;
Editing by Richard Pullin)