Carrefour to Leave India

Carrefour SA (Boulogne-Billancourt, France) will shut its Indian operations and close its wholesale stores in the country as the French retail giant pulls out of underperforming markets to focus on reviving slumping sales at home, according to Reuters.

The world's No. 2 retailer by sales, which has been operating in India since 2010, will shut its five Indian wholesale stores by the end of September, according to a company statement late on Monday.

Carrefour is in advanced talks with a buyer to sell its India assets, a source with direct knowledge of the matter said on Tuesday.

“Talks haven't failed. The buyer is in the process of carrying out a final round of due diligence,” the source said, without giving further details.