Tonight:
9°c
Tesco, Carrefour in a race to India
Bill Condie, Evening Standard10.04.08
The race is on between Tesco and Carrefour to unveil an Indian joint venture partner.
Carrefour chief Jose Luis Duran said today he will announce a wholesale deal in India in the "weeks or months to come". Previously it said it would select a local partner by this month.
According to reports, Tesco has identified a preferred partner and is in negotiations about a joint venture. It already has a huge back-office operation in India supporting its global business. In 2006 Wal-Mart beat it to a joint venture with India's Bharti group to run wholesale stores and supply chain.
Duran said Carrefour also plans to "accelerate opening of other formats" as soon as India's laws allow.
Carrefour said in November it plans to open wholesale stores in India and support a retail chain. It also plans to launch hypermarkets with a local partner and wholesale stores by the second half of next year.
