Reliance to Acquire Metro AG’s India Business for `2,850 Crore

In order to further solidify its hegemonic position in India’s enormous retail market, Mukesh Ambani’s conglomerate Reliance Industries Ltd. will pay 2,850 crores for the wholesale operations in India of German company Metro AG. “Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, on 22nd December signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of `2,850 crore, subject to closing adjustments,” said a joint statement. Reliance Retail will have 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 clients, as well as a robust supplier network, through this transaction.