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Carrefour to shut shop, exit India

NEW DELHI: French retailer Carrefour on Monday announced its exit from India, months after the ruling BJP made it clear that it was opposed to allowing foreign players to operate multi-brand retail stores.“Carrefour today announced its intention to close its five cash-and-carry stores in India, where Carrefour has operated since 2010. The closure of Carrefour’s business in India will be effective at the end of September 2014. Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition,” the company said in a statement on its website late Monday evening.On May 3, TOI had first reported that the world’s second largest retailer had started work on an exit plan after talks to sell its stores to Sunil Mittal ’s Bharti group failed and the French company saw little hope of the government allowing foreign chains to set up multi-brand outlets in India.With BJP unrelenting on allowing foreign chains to set up shop, global giants such as Wal-Mart have parted ways with Bharti to focus only on wholesale cash-and-carry and sell to kirana stores, restaurants and canteens.Tesco , which has partnered with the Tata Group, is the sole retailer that has gone to the extent of receiving government permission to set up multi-brand stores in India.