MUMBAI: Reliance Industries (RIL) has agreed to acquire Metro Cash & Carry India for Rs 2,850 crore, the two companies announced on Thursday. Metro Cash & Carry India is the local arm of German wholesaler Metro.
The deal with RIL will mark Metro’s exit from the world’s fifth largest economy. Metro entered India in 2003 and was the first company to introduce cash-and-carry business format in the country. It currently operates 31 large format stores across 21 Indian cities with about 3,500 employees. RIL has routed the transaction through its subsidiary Reliance Retail Ventures.
The acquisition will give Reliance Retail access to Metro India’s stores located in prime spots, its large base of registered kiranas and other institutional customers and its strong supplier network.
