World Bulletin / News Desk
It has been reported that French retail giant Carrefour is preparing to quit India after unnamed sources claimed that the company was working on an exist strategy.
Unverified reports in Indians newspapers noted that an attempt to sell five wholesale stores to Indian business tycoon Sunil Bharti Mittal had fallen through.
Carrefour is said to be anxious about the high probability of the Bharatiya Janata Party (BJP) being announced the winner of the Indian elections in mid-May. The BJP is staunchly against direct foreign investment in the retail industry.
The moving in of mega global firms like Carrefour has angered local shop owners and family businesses, which still dominate the Indian market.
Moreover, local businesses such as Future Group and Aditya Birla Retail are emerging as major players in the Indian market as they continue to expand.
Carrefour is yet to make a statement on the reports.Last Mod: 03 Mayıs 2014, 17:09