Arab Today, arab today france\s carrefour \to quit india\
Last Updated : GMT 07:53:53
Arab Today, arab today
Arab Today, arab today

France\'s Carrefour \'to quit India\'

Arab Today, arab today

Arab Today, arab today France\'s Carrefour \'to quit India\'

New Delhi - AFP

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 multi-brand 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, but Business Standard newspaper quoted the retailer's regional director Franck Kenner as saying: "At this point, we will not be able to comment on anything." The Indian newspapers said Carrefour's plans to leave the country come after talks to sell its five wholesale stores to Indian tycoon Sunil Bharti Mittal's retail group failed. The reports said there had been several senior level exits from Carrefour India already, and that the company saw little hope of the next Indian government allowing foreign chains to set up multi-brand outlets in the country. The BJP announced in its manifesto it will not allow FDI in multi-brand retail, while promising to push foreign investment in other sectors of the economy. Carrefour had been expected to set up supermarkets in India after the Congress-led national government in 2012 allowed foreign stores to launch 51-percent-owned joint ventures in the country they had eyed for years as a potentially lucrative market. But after the new FDI in retail rules were passed by the Congress government, protests erupted among shopkeepers and labourers who feared a loss of jobs and the collapse of small family-run stores. The retail sector landscape remains dominated by traditional family-owned shops and small grocery stores. The central government has left it to each state to decide whether foreign retailers can set up shop -- but enthusiasm has been muted. The northwestern desert state of Rajasthan, which had a Congress government, reversed its policy of allowing FDI in multi-brand retail after the BJP came to power. One of the few foreign retailers to commit to India recently is Britain's Tesco, which has declared it will invest in India since the Congress government relaxed the FDI rules. Tesco has struck a deal with India's giant conglomerate Tata to invest in a dozen stores in India. Another is Swedish giant Ikea, which plans to open 25 stores as part of a wider push into emerging markets. But while foreign supermarkets hold back from India, domestic chains such as Future Group and Aditya Birla Retail are rapidly expanding. The growth of the domestic chains underlines the potential of a big-spending middle-class -- expected to cross 250 million people by 2015, consultancy McKinsey estimates. In March, Carrefour reported a rise in profit and said its effort to turn around its French operations were starting to show results.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s carrefour \to quit india\ Arab Today, arab today france\s carrefour \to quit india\

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s carrefour \to quit india\ Arab Today, arab today france\s carrefour \to quit india\

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday