Reliance Industries pays Rs 254 crore license fee to Metro to use its name
Reliance Industries Ltd (RIL) has made a payment of Rs 254 crore to Metro AG during the financial year ending September 2023 for the use of the German retailer’s brand name in India, according to a report in The Economic Times (ET). This payment comes after Reliance Retail Ventures, a subsidiary of RIL, acquired Metro Cash & Carry India in December last year for a total cash consideration of Rs 2,850 crore. The acquisition, inclusive of 31 wholesale stores and the entire real estate portfolio, concluded in May 2023.
Metro AG clarified in its latest annual report that the payment was part of the transitional services and licences provided by Metro AG to facilitate the new owner in operating the business.
