Carrefour India MD refutes exit rumours

With speculations of French major Carrefour preparing to exit India doing the rounds, Carrefour India’s

Managing Director Jean Noel Bironneau has refuted the media reports. Speaking to employees, he asked them to ignore rumours and continue work as usual.

The retailer is worried about possible changes in the multi-brand FDI policy if the BJP comes to power at the Centre, since the party has announced its opposition to FDI in multi-brand retailing. However, BJP’s position will not impact Carrefour India's current business since it is operating wholly-owned wholesale venture through cash-and-carry retailing in which 100 percent foreign ownership is allowed.

The media was abuzz with Bharti Group being in talks with the global retail giant for a joint venture. However, the final announcement is expected after the forthcoming Lok Sabha elections are over.

Carrefour operates five cash-and-carry stores in India. The last outlet opened in Bangalore in December, while the others are in Delhi, Agra, Meerut and Jaipur. Globally, the group operates 10,000 stores across four formats in 34 countries. As of December 2012, Carrefour had annual revenue of Rs 190 crores from its cash-and-carry business in India.