Carrefour may Opt Parsvnath for India Foray
Carrefour, the world’s second largest retailer, is considering the franchise model to initially expand its presence in the country and may announce a local partner in four weeks, people involved in the development said.
The French retailer, which has held talks with as many as 50 domestic business houses including Mumbai-based Wadia group and Mukesh Ambani-led Reliance Industries and real estate companies, such as DLF, in the past five years, may choose Parsvnath, a New Delhi-based real estate company, as its partner.
“Parsvnath has emerged as the strongest option for the franchise partner,” a source said. A person familiar with the development at Carrefour gave the same timeline for the announcements. Parsvnath has almost five million sq ft of retail space under its belt and plans to increase it to six times in the next five years.
The retail giant’s negotiation with other domestic flats and companies failed as they wanted greater control over the business.
Carrefour is exploring the wholesale cash-and-carry format and front-end retailing options in the country. It has already formed Carrefour WC & C India and Carrefour India Master Franchise Company for the respective business formats.