Mumbai: Reliance Industries (RIL) is set to acquire German wholesaler Metro’s India unit for 500-550 million euros (about Rs 4,061-4,467 crore) as chairman Mukesh Ambani looks to consolidate his retail play. The proposed deal will mark Metro’s exit from one of the world’s fastest-growing markets, which it had entered 19 years ago with big hopes.
Sources said Metro has agreed to RIL’s purchase deal for its local cash-and-carry business, which also includes the Indian conglomerate retaining the former’s employees for at least one year. RIL, India’s largest company in terms of market value, will also gain Metro’s wholesale centers across the country and land assets as part of the transaction.
RIL declined to comment on the report. It, however, said that the company evaluates various opportunities on an ongoing basis.
