RIL bags Metro for Rs 2,850 crore; deal to bolster store footprint
Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries (RIL), will acquire 100% stake in German firm Metro AG’s wholesale operations in India — Metro India (Metro Cash and Carry India) – for a total cash consideration of Rs 2,850 crore. The transaction is expected to be completed by March 2023, RIL said in a press statement.
Metro India started operations in India in 2003 and was the first company to introduce a cash-and-carry business format in the country. Currently, it operates 31 wholesale distribution centres under the brand METRO Wholesale across 21 cities. These include six in Bengaluru, four in Hyderabad, two each in Mumbai and Delhi, and one each in Kolkata, Jaipur and Jalandhar, among other cities. It has around 3,500 employees.
