Retailer Future Group and French chain Carrefour SA have brought talks of a partnership back to the table.
Retail plans: Kishore Biyani. Hemant Mishra / Mint
Carrefour officials had a meeting recently with top executives at Future Group’s flagship Pantaloon Retail India Ltd, people familiar with the development said on condition of anonymity. A deal is being worked out, the people said.
Foreign direct investment rules in India do not allow multibrand retail by a foreign group, but companies with Indian management are allowed to bring in foreign funds in individual subsidiaries. Future Group chairman Kishore Biyani is looking to leverage this for raising money for Future Fashion Merchandise (FFM), a separate unit under Pantaloon Retail.
Biyani declined to comment on the issue.