Competition Body clears Reliance Acquisition Of Metro Cash & Carry India
NDTV
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India
The Competition Commission of India (CCI) on Tuesday said it has approved Reliance Retail Venture's acquisition of German firm Metro AG's wholesale operations in India.
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India.
In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
In a tweet on Tuesday, the regulator said it has cleared the "acquisition of Metro Cash and Carry India Pvt Ltd by Reliance Retail Ventures Ltd." The fair trade regulator has also given its nod for the "acquisition of 100 per cent of equity share capital of L&T Infrastructure Development Projects Ltd and Kudgi Transmission Ltd, by Epic Concesiones Pvt Ltd and Infrastructure Yield Plus II (affiliates of Edelweiss Group), respectively", according to another tweet.
