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Reliance to acquire Metro AG's India business for Rs 2,850 crore
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, on Thursday signed definitive agreements to acquire 100 percent equity stake in Metro Cash and Carry India Pvt Ltd, which operates under the ‘Metro India' brand, for a cash consideration of Rs 2,850 crore. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, today signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network. "The acquisition will further strengthen Reliance Retail's physical store footprint and ability to better serve consumers and small merchants by leveraging synergies and efficiencies across supply chain networks, technology platforms and sourcing capabilities," it said. Reliance Retail, the oil-to-telecom conglomerate's retail arm, is ranked 56th amongst the top global retailers with USD 18 billion in revenues. Source - Economic Times
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