Carrefour denies talks with India’s Reliance on stake sale

The report by Indian TV channel NDTV Profit quoting unnamed sources suggested that Reliance Industries is in talks to pick up a stake in the French supermarket operator

A Reliance Industries spokesman told Dow Jones Newswires that the company doesn’t comment on speculation. “Carrefour outlines it has no contact with this company and that no egotiation is currently going on,” the Carrefour spokeswoman said. When contacted, an Reliance spokesperson in Mumbai declined to comment. Sources familiar with the development said that top officials from Reliance are already shuttling between continents to work out details for a deal, which could be through direct equity participation, a joint venture or outright acquisition.

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