French retail giant
Carrefour, the world's second biggest retailer in terms of sales, will shut down its five Indian wholesale stores by the end of September. It has been in talks with Indian retail companies and strategic investors about its Indian assets in recent months. It is not yet known if Carrefour had found a buyer for the business.
The $500 billion retail sector was opened up to foreign supermarket operators in 2012 but mandatory local sourcing requirements and the policy of letting state governments decide whether to allow global chains in their states has deterred new entrants.
The
The world's largest retailer
Carrefour has already exited the markets like Greece, Colombia, Singapore and Malaysia in the past few years.