RIL in talks to buy Carrefour arm

Posted: Thursday, Mar 15, 2007 at 0023 hrs IST
Updated: Thursday, Mar 15, 2007 at 0023 hrs IST

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New Delhi, Mar 14 : In what could be the largest overseas acquisition by an Indian retail company, Reliance Industries Ltd’s retail venture, Reliance Retail, is in advanced talks to acquire a strategic arm of Carrefour, the world’s second largest retailer. Sources said Reliance Retail is most probably negotiating for the French Carrefour’s international trading arm. Reliance may have to pay around $8-10 billion for an acquisition of this size.

Beatrice Verder, a Carrefour spokesperson in Paris, told FE the company had no comment to offer on the development. An RIL spokesperson also declined to comment.

Carrefour has adopted a strategy of selling off its under-performing assets and buying retail chains internationally. It sold catering supplies group Prodirest to Transgourmet, a JV between Germany’s Rewe and Switzerland’s Coop, in 2005. It then bought French low-cost supermarket Penny Market from Germany’s Rewe.

If successful, this would be Reliance Retail’s first international foray, giving it a head start in sourcing and full-fledged technical know-how of back-end operations.

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