A subsidiary of Reliance Industries Ltd, Reliance Retail Ventures Limited (RRVL) finalised agreements to purchase a 100% equity stake in Metro Cash and Carry India Pvt Ltd, which trades under the “Metro India” brand, for a cash payment of Rs 2,850 crore.
According to a joint statement, Reliance Retail Ventures Limited (RRVL), a Reliance Industries Ltd. subsidiary, “signed today definitive agreements to acquire a 100% equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments.”
Reliance Retail will gain access to a network of Metro India stores in prime locations throughout important cities, as well as a sizable base of registered kiranas and other institutional customers, as well as a strong supplier network, through this acquisition.
By utilizing synergies and efficiencies across supply chain networks, technology platforms, and sourcing capabilities, the acquisition will further strengthen Reliance Retail’s physical store footprint and ability to better serve customers and small businesses, it said. A significant player in the Indian B2B market, Metro India has developed a strong multi-channel platform that offers a positive customer experience.