Reliance Retail, Bharti in talks to buy Carrefour India assets
9 July 2014 12:05 AM GMT
New Delhi Reliance Retail and Bharti Enterprises are understood to be in talks to buy India assets of the world's second largest retailer Carrefour that has decided to exit the country by closing its five stores. According to industry sources, the availability of ready-made cash and carry stores and associated infrastructure is drawing interest of the two leading Indian firms. When contacted, Reliance Retail and Bharti Enterprises spokespersons declined to comment. Similarly, Carrefour India regional director Frank Kenner declined to comment on talks regarding selling its India assets.
On Monday, Carrefour in a statement announced its intention to close its five cash and carry stores in India. The company said ‘closure of Carrefour's business in India will be effective at the end of September 2014.’ ‘Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition,’ it said.
Finland firm Huhtamaki takes over Positive Packaging for $336 mn
Huhtamaki, a leading Finnish manufacturer of consumer and specialty packaging, acquired Mumbai-based flexible packaging firm Positive Packaging for Rs 2,008 crore ($336 million). Positive Packaging has nine manufacturing facilities spread across the country and the United Arab Emirates as well as significant business presence in Africa.
‘Together with Positive Packaging, we will become a leading flexible packaging provider in fast-growing emerging markets. With the acquisition, we plan to expand our flexibles manufacturing into the Middle East and double our sales in Africa,’ Huhtamaki Flexible Packaging Executive Vice-President Shashank Sinha said.
On Monday, Carrefour in a statement announced its intention to close its five cash and carry stores in India. The company said ‘closure of Carrefour's business in India will be effective at the end of September 2014.’ ‘Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition,’ it said.
Finland firm Huhtamaki takes over Positive Packaging for $336 mn
Huhtamaki, a leading Finnish manufacturer of consumer and specialty packaging, acquired Mumbai-based flexible packaging firm Positive Packaging for Rs 2,008 crore ($336 million). Positive Packaging has nine manufacturing facilities spread across the country and the United Arab Emirates as well as significant business presence in Africa.
‘Together with Positive Packaging, we will become a leading flexible packaging provider in fast-growing emerging markets. With the acquisition, we plan to expand our flexibles manufacturing into the Middle East and double our sales in Africa,’ Huhtamaki Flexible Packaging Executive Vice-President Shashank Sinha said.
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