French retailer Carrefour will close five cash-and-carry stores and exit from India, the company has said.
The multinational is operating in India since 2010.
"Carrefour announced its intention to close its five stores in India. The 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," the company said.
The French retailer's decision follows the ruling Bharatiya Janata Party led by Prime Minister Narendra Modi said it opposed foreign companies to operate multi-brand retail stores, a Times of India report said today.
The world's second largest retailer had started work on an exit plan after talks to sell its stores to Sunil Mittal's Bharti group failed.