Carrefour hails India's retail liberalisation move

World number 2 retailer Carrefour on Thursday hailed India's decision to open its supermarket sector to foreign players and said it would continue to develop its existing cash-and-carry business in the fast-growing market.

[caption id="attachment_140009" align="alignleft" width="380" caption="Carrefour has repeatedly said it was seeking a local partner to enter the hypermarket sector in India. Reuters"][/caption]

India threw open its $450 billion retail market to global supermarket industry giants on Thursday, approving its biggest reform in years that may boost sorely needed investment in Asia's third-largest economy.

Foreign players are already allowed to operate wholesale, or cash & carry, stores.

"Carrefour welcomes the decision by the Indian government ... (We) will carefully follow the finalisation of the new regulations and will also continue to pursue the development of its cash-and-carry format," a spokeswoman for Carrefour said.

Carrefour already operates a cash-and-carry store in New Delhi and plans to open a second in Jaipur in the coming days.

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Carrefour has repeatedly said it was seeking a local partner to enter the hypermarket sector in India.

Reuters