A Malaysian minister has confirmed that Carrefour plans to sell its business in Malaysia, the AFP reported.

“We heard that Carrefour is considering divesting. It is for the purpose of rationalisation of their overseas business,” deputy trade minister Mukhriz Mahathir said.

“There are many suitors,” he added. Possbile buyers for its Malaysian operations are said to include Tesco, Japan’s Jusco, and Giant.

There has been ongoing speculation that the the retailer is also planning to offload its stores in Singapore, and Thailand.

Carrefour has declined to comment on the reports.

It is understood Carrefour wants to consolidate its business and concentrate on the booming Indian market.