Reliance Retail Ventures Limited (RRVL) has signed a definitive agreement to acquire a 100% equity stake in METRO Cash & Carry India Pvt Ltd for a total cash consideration of Rs 2,850 crore, which is subject to closing adjustments. According to the company, Reliance Retail will get 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, a strong supplier network and some of the global best practices implemented by METRO in India through the acquisition.
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, Isha Ambani, Director, Reliance Retail Ventures Limited, said. “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 the Indian merchant / kirana ecosystem will help offer a differentiated value proposition to small businesses in India,” she added.
According to the company, the transaction is subject to regulatory and other customary closing conditions which are expected to be completed by March 2023. The company has additionally asserted that Reliance Retail will continue to build reach across the country to serve the entire spectrum of Indian society with its new acquisition.