An estimated 200 retail stores are set to be established throughout India over the coming decade by a joint venture by French retail giant Carrefour and the Dubai-based Landmark Group.
The two companies are presently holding talks regarding the possible cooperative initiative, according to Gulf News, while the firms’ representatives are reportedly extremely optimistic about the prospects of the deal.
“Negotiations are in a very early stage at the moment and nothing has been finalized so far. But we are very keen for this to go ahead,” said Micky Jagtiani, CEO of Landmark Group. Jagtiani added that he was “very optimistic” about establishing the joint-venture.
The Landmark Group currently runs brands including ShoeMart, Splash and Home Centre, which have a major presence in India. “We still have to see how the companies will be structured, but I am very optimistic that this will be resolved,” stressed Jagtiani.
Carrefour is the world’s second largest retailer after US chain Wal-Mart. It has supposedly been keen on entering the Indian market for some time now despite a previous setback after planning to enter the market in the past. Stores will reportedly be located in primary and secondary cities throughout India, and may extend into neighboring countries such as Pakistan.
