Dean Best

India regulator clears Tesco investment. Will Carrefour be next?

By: Dean Best - 2 January 2014 15:50

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On Monday (30 December), India's foreign investment watchdog reportedly cleared Tesco's move to become the first overseas retailer to run multi-brand retail outlets. Industry watchers are now looking to see which other multinational could follow in the UK grocer's footsteps - and speculation is surrounding the intentions of Carrefour.

The French retailer has five cash-and-carry stores in India but, with rules on overseas investment in consumer-facing outlets now relaxed, there is talk the world's second-largest retailer could make a similar move to Tesco.

Indian newspaper Business Standard today cited sources in India's ministry of commerce and industry who are said to have told the publication Carrefour is expected to apply to invest in a multi-brand retail business by March.

Sources also told the newspaper Carrefour had already held talks over possible partnerships with Indian retailers Future Group and Shoppers Stop.

Contacted by just-food today, Carrefour refused to comment.

However, the retail giant is likely to be weighing up its options for India now that its UK rival has secured approval for its partnership with Tata Group.

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India regulator clears Tesco investment. Will Carrefour be next?

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