Metro India began operations in India in 2003 as the primary firm to introduce cash-and-carry enterprise format within the nation and at present operates 31 massive format shops throughout 21 cities with about 3,500 workers.
| Photo Credit: PTI
Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries Ltd., stated it has signed definitive agreements to acquire 100% fairness stake in Metro Cash & Carry India Pvt Ltd. for a complete money consideration of ₹2,850 crore, topic to closing changes.
Metro India began operations in India in 2003 as the primary firm to introduce cash-and-carry enterprise format within the nation and at present operates 31 massive format shops throughout 21 cities with about 3,500 workers.
The multi-channel B2B money & carry wholesaler has a attain to greater than Three million B2B prospects in India. In the monetary yr ended September this yr, Metro generated gross sales of ₹7,700crore.
“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,” RRVL stated In assertion.
Isha Ambani, Director, RRVL stated, “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.” The transaction is predicted to be accomplished by March 2023.
