Carrefour sets out plans to open stores in India by 2009
Carrefour has said it will enter India’s $330 billion retail market through the franchise route by 2009.
“Carrefour WC&C India is our 100-per cent subsidiary and will set up the cash and carry business in India. We are planning one or two stores by the second half of 2009 and add more as the business grows,” said Managing Director Herve Clec’h.
“Master Franchise Company, also 100 per cent-owned by Carrefour, will appoint the franchisee for retail trade business. We are talking to five-six Indian groups for this.Carrefour hopes to finalise the Indian franchisee for the multi-brand retailing business, in which no foreign equity is permitted in the country, over the next couple of months, added Gerard Freiszmuth, general manager for Carrefour India.
“We have not finalised the investment plan yet,” Clec’h said, when asked for the amount his group intends to invest in the country,” he added, “We are here for the long haul, so money will not be a constraint.”
India presently permits up to 51 per cent foreign equity in single-brand retail trade business but disallows foreign equity in multi-brand stores in a bid to protect domestic stores.
