Après Wal-Mart c'est Carrefour qui cherche son partenaire en Inde

Source: Sify Business

After the Bharti-Wal-Mart alliance, talks for another retail joint venture seem to be nearing conclusion. If industry sources are to be believed, Nulsi Wadia-owned Bombay Dyeing group is said to be firmly moving towards finalising a pact with the French retail behemoth, Carrefour.

"They have been engaged in serious talks for some time now and should be able to close the deal soon," said an industry source.

The development, though, could not be confirmed with the Wadia group spokesperson. It is, however, not being denied by company sources either.

"Speculations on Carrefour's foray into India have gone haywire. At the moment, all the moves on our retailing initiative are being closely guarded, so obviously, I wouldn't be able to comment on it," said a Wadia group spokesperson.

Nusli Wadia's elder son Ness Wadia, who is heading the group's real estate business comprising of shopping complex and other retail initiatives, is expected to take charge of the business.

"This business will fall in his lap by default as he is already looking after the real estate business of the company," said a company source.

The world's second largest retailer, $74 billion Carrefour, which is keen on tapping the emerging opportunity in the retail space in India, has been scouting for the right partner for some time now.

Europe's largest retailer was reportedly earlier in talks with Sunil Mittal's Bharti Enterprise, which decided to go with US-based Wal-Mart, which offered better terms and conditions. It has also had talks with Dubai's lifestyle departmental stores chain - the Landmark group.

Anil Ambani's Anil Dhirubhai Ambani group (ADAG) is also reported to be in talks with the French retailer to mark its foray into retailing.

Lately, Carrefour, which is present in 29 countries with over 7,000 stores, has been expanding in markets outside France and Europe. At present, Asia (7.7%) and Americas (6.8%) constitute only 14.5% of its business, as compared to Europe, which accounts for the rest. France alone accounts for 47.8% of its business.