French retailer Carrefour says it will quit India due to a lack of clarity on FDI policy for multi-brand retail, reports Inside Retail Asia.
Carrefour reportedly plans to shut down or sell its five wholesale stores in India to exit the market, the publication said.
Reports say the company is in talks with Bharti to sell its stores there.
The move is understood to come after India's Bharatiya Janata Political Party released a manifesto that opposes foreign multi-brand retailers.
Meanwhile, retail rivals Tesco and Walmart are optimistic about prospects in India, according to Inside Retail Asia. Tesco has partnered with Trent to operate ‘Star Bazaar’ and ‘Star Daily’ stores in south and west India, while the Walmart plans to open 50 new cash and carry stores across the nation over the next four to five years, the report said.
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