The world’s second largest retailer, the $74-billion Euro Carrefour of France, is in advanced talks with the Wadias for a retail venture in India. Carrefour, which was earlier close to signing a deal with the Dubai-based Landmark group, has been surveying the Indian market for over 4 months now. Ness Wadia, the elder son of Bombay Dyeing chairman Nusli Wadia, is likely to head the retail venture.
Carrefour, which has around 7,000 stores all over the world, runs a chain of hypermarkets, super markets, and hard discount and convenience stores. The Wadia group, which is present in textiles and the airline business, is currently battling another French partner, Danone, in FMCG major Britannia Industries.
The Wadias join a growing bandwagon of domestic businesses entering retail. Reliance Industries has announced a retail venture worth Rs 25,000 crore to set up a network of 10,000 hypermarkets, super markets and other formats by 2010. Bharti has entered into an MoU with Wal-Mart Stores Inc, for its retail foray.
Source : Financial Express
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