French retailer Carrefour has finally formally confirmed it is pulling out of India.

Carrefour has hired audit, tax and advisory services firm KPMG to manage the sale of its Indian assets.

However, the retailer remains mum about the real reason behind its withdrawal.

A source familiar with the matter said: “Carrefour is pulling out of the country not because of cacophony of anti-foreign investments in multibrand retailing from the BJP-led government, but due to a lack of support and will from its headquarters that considers India as a ‘bad option’.”

India will mark the sixth market Carrefour has pulled out of after Indonesia, Columbia, Greece, Malaysia and Singapore.

It operates five cash-and-carry stores in Bangalore, Delhi, Agra, Meerut and Jaipur.