French retail giant Carrefour has declined to comment on rumours that it is nearing a deal to enter the Indian market.

According to a report in the Economic Times, Carrefour is close to signing an agreement to enter India through a joint venture with Housing Development Finance Corporation (HDFC). HDFC is barred from entering the retail market by central banking regulations. It is therefore believed that HDFC is likely to establish a separate holding company, which could in turn tie-up with a third enterprise to establish retail operations.

Carrefour could be interested in a partnership with HDFC because it has access to large land banks and close ties with construction companies, the report said.

When contacted by just-food today (6 March) Carrefour declined to comment on the rumour, but the company did confirm that it was watching India “with interest”.

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