Carrefour is looking at to sell its business in Malaysia, according to a government minister. There is also speculation that Europe’s largest retailer will also withdraw from Singapore and Thailand in order to concentrate on growth opportunities in India.

AFP reports that Yeah Kim Leng, group chief economist with financial research firm RAM Holdings, said Carrefour's impending departure from Southeast Asia had been well flagged. "The news has been around for some time. It is an open secret that Carrefour wants to pull out from Malaysia, Thailand and Singapore. They have put feelers out to the industry on their plan," he said.

Yeah said Carrefour wanted to consolidate its business and move its resources to the booming Indian market where the middle class segment is a large expanding market.