Carrefour is on the verge of finalizing a deal with Kishore Biyani of Pantaloon Retail to enter the Indian Market. Carrefour is Europe's largest retailer and has been scouting around in India looking for a suitable partner for the last 6 years. With Walmart and Tesco already having made a foray into the $350 billion Indian retail market, it was important for Carrefour to gain presence in India.
The 87 Billion Euro retailer plans to set up franchisee stores which will be a part of Future Value Retail, a 100% unit of Pantaloon Retail.
The Carrefour franchisee stores will be targeting the higher income segment of customers and will be pitted against retailers like Hypercity which has 4 stores and operates in 3 cities including Mumbai.
The deal is expected to be signed in March signalling a new all round thrust on retail activity in India.
Tuesday, January 19, 2010
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