French retail giant Carrefour is in an advanced stage of sewing up a joint venture for its India foray, sources said on Friday.

Carrefour, which is said to be close to announcing a tie-up with Wadias, is still talking to some other companies, they said.

"The information we have got is that they are talking to various companies to look for a partner but they are yet to finalise its name," secretary in the Department of Industrial Policy and Promotion Ajay Dua said on the sidelines of Retail Summit organised by Assocham.

Commerce and industry minister said in London on Thursday that Carrefour would be announcing its tie-up with Wadias in the next two weeks.

Apart from Carrefour, other global retail chains like Tesco are looking at entering India. The world's largest retailer Wal-Mart has already stolen a lead over them by entering into a joint venture with Bharti Group.

The magnet for these companies is the huge market that India offers.

According to estimates, the Indian retail market is $300 billion and will grow to $637 billion by 2015.

This would be led to a large extent by organised retail, which is growing at more than 30 per cent per annum.