Carrefour to sell Indonesian stake

Paris - French retail giant Carrefour is to sell a 40 per cent stake in its Indonesia business to Para Group, a company that already operates more than 300 retail stores.

Carrefour said the partnership will generate synergies with Para operations, particularly in financial services, media, lifestyle and family entertainment.

Carrefour entered the Indonesia market in 1998 and now operates 78 stores in 22 cities. The company, which is the biggest retailer in Europe with stores in 32 countries, also plans to open 13 new stores in Indonesia this year.