Indian retail Giant Reliance Industries Limited is set to acquire the Dusseldorf-based German retailer Metro Cash & Carry business in India for 500 million Euros translating to ₹4,060 crores. Expanding the dominance of Reliance in the B2B segment, the deal covers land banks, 31 wholesale distribution centers, and numerous other assets of the German retailer.
The agreement which saw the light of day finally last week was the result of relentless discussions that were going on for the past few months. As a result, the RIL stocks surged 0.3 percent to ₹ 2,593.45 each on the BSE. According to a Reliance spokesperson who told that “Our company evaluates various opportunities on an ongoing basis.”
METRO AG which operates in 34 countries worldwide, is functional in India since 2003 with a wide gamut of customers including restaurants, hotels, retailers, traditional Kirana stores, SMEs, and corporates.
The B2B segment in India considered as a low-margin business, has seen a steady rise of Reliance Industries’ subsidiary Reliance Retail Ventures Ltd (RRVL), the main holding company. The company registered a consolidated turnover of ₹ 2 lakh crores in the last fiscal ending March 2022.