Report: Carrefour to shutter Indian stores

Mumbai, India – In a move that may have implications for Wal-Mart, French retailer Carrefour S.A. will reportedly shutter its five Indian wholesale stores by the end of September 2014. According to Reuters, Carrefour is in advanced talks to sell its Indian assets to an unspecified buyer.

Wal-Mart pulled out of an Indian retail partnership in late 2013, but still plans to operate cash & carry wholesale stores there and also recently launched an e-commerce operation there. India has technically been open direct foreign investment in domestic retail supermarkets since 2012, but rules vary by state and there are strict local sourcing regulations.

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