India: Carrefour Poised to Renew Expansion, says Report
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Thursday, 10 November 2011 |
Carrefour is planning to renew its expansion into the Indian market, according to Business Standard. The local newspaper has claimed that the Paris-based retailer is finalising lease deals for 10 to 12 sites in India, which will open as cash and carry outlets.
Carrefour opened its first Indian store in December of 2010 but has not built on that initial foothold to date. According to an unnamed ‘industry insider’ quoted by Business Standard, the chain has already made steps to acquire more sites. “I have already leased several sites in the country. For some others, they are in advanced talks,” said the source. “These will be operational in a staggered timeline.” The newspaper reports that a Jaipur store could be launched as early as next month.
Under current regulations, foreign ownership of cash and carry outlets is allowed in India. However, foreign entities are only allowed to have a maximum 51% stake in front-end retail operations, a rule that the Government has pledged to review soon.
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