Reliance Retail and Bharti Enterprises are understood to be in talks to buy India assets of the world's second largest retailer Carrefour that has decided to exit the country by closing its five stores.
It is learnt at a meeting on Monday afternoon, Jean Noel Bironneau, Carrefour's country managing director, told senior executives the French company was bringing down the shutters on its India operations.
Asking the government to tweak FDI norms in multi-brand segment, retailers said sourcing rules must be made similar to that of single brand while demanding foreign firms be allowed to put only 50 per cent of first tranche of investment in back-end infrastructure.
Global retail behemoths seem to have read the signals right.
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