CARREFOUR in talks with HDFC for Indian JV
CARREFOUR in talks with HDFC for Indian JV
According to unconfirmed reports in the Indian press, citing unnamed sources, Carrefour is in talks with Housing Development Finance Corp (HDFC) for a planned Indian retailing venture. As regulations do not permit HDFC to enter retailing directly, the Indian housing finance major may float a separate holding company, perhaps a private-equity fund, which would in turn tie up with a third entity for getting Carrefour's franchising rights for India, the report said. Reportedly Carrefour is interested in a tie-up with HDFC because of the latter's close association with real estate developers. HDFC executive director Renu Karnad told the paper that 'nothing like this is on at this point of time', while Carrefour India head Freis Muth declined to comment.