The world's second largest retailer, Carrefour has announced that it will be expanding its business in China and India.

It is being done so that it can have a strong hold on the two fast growing emerging markets where the retail giant is not having a foothold till now. The announcement was made by the Chief Executive of the company, Lars Olofsson.

Lars was talking during the annual general meeting of the group and made the announcement during his speech in front of the shareholders.

He even said that the retailer will consider leaving the markers where it was not a leader so that it can strengthen its position in the ones in which it is present.

Lars also said that the company was looking for partners in India and China. No details were given about the names.

There have been speculations in the market that Carrefour is going to join hands with the Future Group, for its operation in the country.

He even said that he was cautious about the approach that Carrefour follows in markets of Europe. It is still dependent on its good execution and profitable growth for making profits and sustaining the recessionary phase.