The Future Group is reportedly set to enter an agreement with Carrefour to bring the French retailer to India.
According to Indian daily The Economic Times, a deal is set to be signed within the next two-to-three months, although the Wall Street Journal quoted sources that suggested an agreement could be announced today (9 December)
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According to unnamed sources quoted by The Economic Times, Future Group chief Kishore Biyani “is currently in Paris to finalise the details”.
There has been ongoing speculation about Carrefour’s plans for the emerging market, with various reports in recent years linking Carrefour to India’s leading retailers, particularly to Pantaloon – Future Group’s retail division and Reliance Retail.
In May, Carrefour confirmed plans to open its first cash and carry store in July, but thus far there has been no further announcement on the planned opening.
Foreign ownership rules in the country would mean that Carrefour is only able to operate wholesale outlets and provide back-end support to local operators.
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By GlobalDataNeither Carrefour or Future Group responded to requests for comment as this article went to press.
