French retailer Carrefour announced its exit from India, months after the ruling BJP made it clear that it was opposed to allowing foreign players to operate multi-brand retail stores.
“Carrefour today announced its intention to close its five cash-and-carry stores in India, where Carrefour has operated since 2010. The closure of Carrefour’s business in India will be effective at the end of September 2014. Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition,” the company said in a statement on its website late Monday evening.
With BJP unrelenting on allowing foreign chains to set up shop, global giants such as Walmart have parted ways with Bharti to focus only on wholesale cash-and-carry and sell to kirana stores, restaurants and canteens. Tesco, which has partnered with the Tata Group, is the sole retailer that has gone to the extent of receiving government permission to set up multi-brand stores in India.
“Carrefour today announced its intention to close its five cash-and-carry stores in India, where Carrefour has operated since 2010. The closure of Carrefour’s business in India will be effective at the end of September 2014. Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition,” the company said in a statement on its website late Monday evening.
With BJP unrelenting on allowing foreign chains to set up shop, global giants such as Walmart have parted ways with Bharti to focus only on wholesale cash-and-carry and sell to kirana stores, restaurants and canteens. Tesco, which has partnered with the Tata Group, is the sole retailer that has gone to the extent of receiving government permission to set up multi-brand stores in India.
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