The retail arm of billionaire Mukesh Ambani-led Reliance Industries, Reliance Retail Ventures Limited (RRVL), has signed an agreement to acquire 100% stake in METRO Cash & Carry India for ₹2,850 crore, subject to certain conditions. The acquisition will expand Reliance Retail’s store presence across India with uniquely positioned large format, multi-category stores and further strengthen its new retail business, RIL said in a stock exchange filing today. The transaction is expected to be completed by March 2023.
“Reliance Retail Ventures Limited (‘RRVL’), a subsidiary of Reliance Industries Ltd, today announced definitive agreements to acquire 100% of the shares in METRO Cash & Carry India Pvt Ltd. (‘METRO India’) signed for cash consideration totaling ₹2,850 crore, subject to closing adjustments,” RIL said in a BSE filing.
METRO India, a wholly owned subsidiary of Germany-based METRO AG, operates cash and carry stores primarily under the “METRO” brand in India. The company, one of India’s leading business-to-business wholesalers, started operations in India in 2003 and introduced the cash-and-carry business format in the country. It currently operates 31 large format stores in 21 cities with around 3,500 employees.
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