Future Group has denied reports that it has struck a franchise agreement with France’s Carrefour.
According to a report by LiveMint, which cited two unnamed sources, an deal was reached between the two retail majors three months ago.
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The report claimed that Future Group planned to open between 150 and 300 hypermarkets over the next five years under the Carrefour banner.
The Indian conglomerate, which already operates hypermarkets under the Big Bazaar banner, would reportedly pay Carrefour royalties for use of the internationally-recognisable brand.
However, a spokesperson for Future Group told just-food today (4 May) that no such accord has been reached.
“We have not signed any agreement,” the spokesperson insisted.
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By GlobalDataThe groceries-to-finance giant has previously indicated that it is in talks with international retailers over a potential tie-up. However, the spokesperson refrained from detailing the status of these negotiations.
Carrefour, which has repeatedly confirmed that it is studying the Indian market and seeking a local partner, declined to comment on the report.
