METRO Cash & Carry India will be acquired by Reliance in a deal worth Rs 4,060 crore
- ByStartupStory | November 8, 2022
According to PTI, Reliance Industries is planning to purchase the Cash & Carry division of German retailer METRO AG in India for approximately 500 million euros (Rs 4,060 crore). The German business is selling 31 wholesale distribution centres, land banks, and other assets that are anticipated to increase Reliance’s market share in the B2B sector.
According to the article, the acquisition negotiations lasted for months before a deal was finally reached last week. At 9:45 am on the BSE, RIL shares increased 0.3 per cent to 2,593.45. A representative for Reliance stated, “Our organisation continuously assesses numerous opportunities.” “We do not comment on market rumour or speculations,” the spokeswoman for METRO AG remarked. Retailerzs, Kirana stores, hotels, restaurants, corporates, and SMEs are just a few of METRO Cash & Carry’s clients.
Other merchants, such as Siam Makro, which trades as LOTS Wholesale Solutions, were also vying to acquire METRO Cash & Carry. But the business revealed its resignation last month. METRO AG has operations in 34 nations and began doing business in India in 2003.
The holding company for all of the retail businesses in the group is Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries and the biggest retailer in the nation. For the fiscal year that concluded on March 31, 2022, the company had a consolidated turnover of about Rs 2 lakh crore.In India, the B2B market is seen as a low-margin industry due to the departure of numerous global companies like Carrefour.
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