French retailer Carrefour is close to signing a deal with an Indian company to allow it to enter the Indian retail market, India’s Trade Minister Kamal Nath said today (1 February).
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“Carrefour is looking at India very closely … They said they are very close to closing a retail deal in the next two weeks, that’s what they told me,” Nath told reporters on the sidelines of a conference, Reuters reported.
Nath said Carrefour was in talks with the Wadia Group and its Britannia unit. Britannia Industries, a joint venture with Danone, is India’s largest biscuit manufacturer.
A spokesperson for Carrefour told just-food that the company could not comment on any negotiations, but confirmed that the retailer was watching the Indian market “with interest”.
Global retailers have vied for position entering the Indian retail sector, a task made difficult by restrictions on foreign direct investment in multi-brand retail businesses. International retailers are only able to enter the market through joint ventures and have therefore been competing to attract Indian partners. Wal-Mart successfully formed a joint venture with India’s Bharti Enterprises at the end of last year.
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