Carrefour hails India's retail liberalisation move

World No 2 retailer Carrefour on Thursday hailed India's decision to open its supermarket sector to foreign players and said it would continue to develop its existing cash-and-carry business in the fast-growing market.

The Indian government threw open its USD 450 billion retail market to global supermarket industry giants on Thursday, approving its biggest reform in years that may boost sorely needed investment in Asia's third-largest economy.

Foreign players are already allowed to operate wholesale, or cash & carry, stores.

"Carrefour welcomes the decision by the Indian government ... (We) will carefully follow the finalisation of the new regulations and will also continue to pursue the development of its cash-and-carry format," a spokeswoman for Carrefour said.

Carrefour already operates a cash-and-carry store in New Delhi and plans to open a second in Jaipur in the coming days.

Carrefour has repeatedly said it was seeking a local partner to enter the hypermarket sector in India.