Carrefour sees Future in India, may ink JV soon

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Carrefour, Europe’s biggest retail chain, has agreed with Kishore Biyani of Pantaloon Retail to set up franchisee stores in

India after six years of wandering in the world’s second-fastest growing nation for partnerships, including with Mukesh Ambani’s Reliance Retail and real estate group DLF.

The Paris-based retailer, which is seeing revenues in its home country falling due to a tightening of spending by consumers, is expected to sign on the dotted line by March, said an executive familiar with the development.

When the deal with India’s retail king Biyani is formally announced, Carrefour would be the third among the big names entering the $390-billion Indian retail market after the Beast of Bentonville, Wal-Mart, and UK’s Tesco.