Reliance Retail to acquire Metro Cash & Carry India for ₹2,850 crore
The Hindu
In the financial year ended September this year, Metro generated sales of ₹7,700crore
Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries Ltd., said it has signed definitive agreements to acquire 100% equity stake in Metro Cash & Carry India Pvt Ltd. for a total cash consideration of ₹2,850 crore, subject to closing adjustments.
Metro India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.
The multi-channel B2B cash & carry wholesaler has a reach to more than 3 million B2B customers in India. In the financial year ended September this year, Metro generated sales of ₹7,700crore.
“Through this acquisition, Reliance Retail gets access to a wide network of Metro India stores located in prime locations across key cities, a large base of registered kiranas and other institutional customers, strong supplier network and some of the global best practices implemented by Metro in India,” RRVL said In statement.
Isha Ambani, Director, RRVL said, “The acquisition of Metro India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises.” The transaction is expected to be completed by March 2023.
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