Reliance Industries Ltd, managed by Mukesh Ambani, purchased German retailer METRO AG’s cash and carry business in India for 500 million Euro, or Rs 4,060 crore. The acquisition comprises 31 wholesale distribution centers, land banks, and other assets owned by the German retailer in India, according to a report citing industry sources. This acquisition will assist Reliance Retail, India’s second richest man’s conglomerate, in expanding its foothold in the B2B category.
Details about Mukesh Ambani’s Reliance Acquired Metro AG’s Cash & Carry India For Rs 4,060 Cr
According to reports, Reliance Industries Ltd and METRO had been in talks for several months, and the German parent company accepted RIL’s bid last week. METRO AG serves retailers, kirana stores, hotels, restaurants, and caterers, as well as corporates and companies.
METRO AG will become the second global retailer to quit the low-margin B2B industry in India, following French Carrefour in 2014.
Previously, in 2020, e-commerce behemoth Flipkart Group purchased a 100% share in Walmart India’s wholesale business, which manages the Best Price cash and carry trading operation.
In 2003, METRO Cash & Carry entered the Indian market. The group operates 31 wholesale distribution centers under the brand METRO Wholesale, with six in Bangalore, four in Hyderabad, two each in Mumbai and Delhi, and one each in Kolkata, Jaipur, Jalandhar, Zirakpur, Amritsar, Vijayawada, Ahmedabad, Surat, Indore, Lucknow, Meerut, Nashik, Ghaziabad, Tumakuru, Visakhapatnam, Guntur, and Hubballi. METRO Cash & Carry customers in India include small merchants, kirana stores, hotels, restaurants, caterers, corporates, small and medium enterprises, institutes, and self-employed individuals.
METRO only accepts business clients that are properly registered with a customer registration card. METRO Cash & Carry India is well-positioned to meet the individual demands of all of these customer segments, with nearly eighteen years of experience in the Indian market and worldwide knowledge.
