French retailer Carrefour has confirmed that it is closing its business in India less than four years after it opened its first store in the country.
The company currently has five cash and carry wholesale stores in India, but revealed that it intends to concentrate on key markets in Europe, China and Brazil, according to the BBC.
As part of CEO Georges Plassat's three-year revival strategy for the retailer, Carrefour has been leaving various underperforming markets, including Singapore, Malaysia and Greece.
In 2012, India opened its doors to foreign retailers, but a set of preconditions on local sourcing and infrastructure investment, as well as the decision to let individual states to choose whether or not to allow foreign companies to open stores, is believed by analysts to have deterred foreign companies from entering the market.
The UK's Tesco reportedly remains the sole oversees retailer to have announced plans to open stores in India.
