French Retailer Carrefour on Monday July 07,2014 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.
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