France's Carrefour plans to pull out of India: reports
May 4, 2014, 12:09 am TWN
NEW DELHI--Carrefour, the world's second largest retailer, is working on a plan to exit India, media reports said Saturday, amid political uncertainty about the future of multi-brand retail in the South Asian giant.
The reports in the Times of India and Business Standard and other dailies come as the opposition Bharatiya Janata Party (BJP), tipped to win India's marathon general election which winds up in mid-May, declared it opposes allowing foreign direct investment in multibrand retail.
Indian newspapers quoted unnamed sources in the France-based company as saying Carrefour had been working on an exit strategy for two weeks.
Carrefour did not answer telephone calls from AFP.