Carrefour SA, the world’s second-largest retailer, is in talks with three to four potential Indian partners as it expands outside France to capture growth stronger than that in the company’s domestic market.
Duran, CEO of Carrefour said he expects to pick a partner in coming months for India, the world’s second-most-populous nation. Spending at store chains in the country will surge 15-fold to $60 billion (Rs2,45,351 crore) by 2015, according to Morgan Stanley estimates. Local companies such as Reliance Retail Ltd are speeding store openings in anticipation that the government will open the market to foreign competitors.
Carrefour, which generates half its sales in France, accelerated its expansion in emerging markets last month by agreeing to buy Brazilian retailer Atacadao. The Paris-based company has stores in places from Thailand to Colombia.
The retailer has opened more emerging-market outlets to compensate for discounting in France. Carrefour’s French revenue rose 1.6% in the last quarter, while sales in Latin America advanced 10%.
Read more in The Live Mint article.
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