Carrefour wants out of India

Carrefour, one of the biggest retailers in the world is planning to exit Indian market. Indian media reports the French giant has been working on a solution to withdraw for more than two weeks.

The news comes after Bharatiya Janata Party, who apparently will win the general elections in India, stated it opposes foreign investment in retailing. The Indian retail ecosystem is dominated by Sunil Bharti Mittal retail group and small family owned shops and grocery stores.

The French giant aimed the growing Indian market for years and it appeared everything was going well after the government allowed, by law, 51 percent foreign owned retail super stores. Tesco could be an example for Carrefour. The British retail giant announced it will further invest in India after teaming up with Tata. The deal will allow Tesco to invest in 12 super stores across the country.

The Indian retail market is one of the fastest growing in the world and domestic chains like Future Group and Aditya Birla Retail are expanding, but foreign brands are looked with some skepticism by authorities and also people.