|  French retailer Carrefour is close to signing a retail deal with an Indian company in the next two weeks, India 's Trade Minister Kamal Nath said yesterday.
"Carrefour is looking at India very closely. They said they are very close to closing up a retail deal in the next two weeks, " Nath told reporters on the sidelines of a conference. He said Carrefour, the world's second-largest retailer, was in talks with the Wadia Group and its Britannia unit.
The Wadia Group and French food giant Danone hold equal stakes in a joint venture that controls Britannia Industries Ltd., India 's top biscuit maker.
A Carrefour spokeswoman said the group was not immediately available for comment.
Global retailers US Wal-Mart, Carrefour , Britain 's Tesco and Germany 's Metro have moved swiftly to enter India 's booming economy as they face the prospect of slowing consumption at home.
Due to Indian legislation these multi-brand retailers are only able to enter front end retailing through joint venture and competition for joint venture partners had been tough. Wal-Mart late last year beat Tesco to a retail joint venture with Bharti Enterprises.
However, in a sign that legislation could be thawing, Nath said India would explore liberalising foreign direct investment to its retail sector in the next two to three months.
Source: http://www.dailytimes.com.pk |
