Reliance Retail acquires METRO India for Rs. 2,850 cr
B2B cash and carry wholesaler has a reach to over 3mn customers in India
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Trusted Wholesaler
- METRO India has emerged as a trusted partner for 'kiranas' and merchants
- It posted Rs7,700-cr sales in FY22
- Acquisition will enable RelRetail's physical store footprint
- It'll help in leveraging synergies and efficiencies across supply chain networks
Mumbai: Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, has signed definitive agreements to acquire 100 per cent equity stake in METRO Cash & Carry India Pvt. Ltd. (METRO India) for a total cash estimation of Rs 2,850 crore, subject to closing adjustments.
Speaking about this investment, Isha Ambani, Director, Reliance Retail Ventures Limited, said: "The acquisition of METRO India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises. METRO India is a pioneer and key player in the Indian B2B market and has built a solid multi-channel platform delivering strong customer experience. We believe that METRO India's healthy assets combined with our deep understanding of Indian merchant/ kirana ecosystem will help offer a differentiated value proposition to small businesses in India."
Steffen Greubel, CEO of METRO AG, adds: "With METRO India, we are selling a growing and profitable wholesale business in a very dynamic market at the right time. We are convinced that in Reliance we have found a suitable partner, who is willing and able to successfully lead METRO India into the future in this market environment. This in one hand will benefit both our customers and our employees, for whose loyalty and performance we are very grateful, and on the other hand will enable METRO to focus on accelerating growth in remaining country portfolio."
METRO India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with nearly 3,500 employees.
We believe that METRO India's healthy assets combined with our deep understanding of Indian merchant/ kirana ecosystem will help offer a differentiated value proposition to small businesses in India
-- Isha Ambani, director, Reliance Retail Ventures
