Metro AG started its India business in 2003 and was the first company to introduce cash and carry business system in the country. Across 21 cities, the company currently operates 31 large format stores employing nearly 3,500 people.
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New Delhi: Reliance Retail Ventures Limited has completed definitive agreements to acquire 100 per cent equity stake in Metro Cash and Carry India Pvt Ltd for a total cash consideration of Rs 2,850 crore, subject to closing adjustments.
Yesterday, India.com reported that Metro AG global CEO Steffen Greubel hinted at exiting the Indian market. In October this year, we also reported that Reliance Industries-led Reliance Retail Ventures Ltd is in talks with the German company to buy its Indian business.
Metro AG started its India business in 2003 and was the first company to introduce cash and carry business system in the country. Across 21 cities, the company currently operates 31 large format stores employing nearly 3,500 people.
“Through this acquisition, Reliance Retail gets access to a wide network of METRO India stores located in prime locations across key cities, a large base of registered kiranas and other institutional customers, strong supplier network and some of the global best practices implemented by METRO in India. 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,” the company said in a statement.
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“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,” said Isha Ambani, Director, Reliance Retail Ventures Limited.
