New Delhi: German Company METRO AG on Thursday declared the completion of the sale of its Indian Cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which rules over the retail empire of Reliance Industries Ltd.
With this deal, the Reliance company will get a hold of all 31 wholesale stores operated by METRO Cash & Carry India along with the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement.
“METRO India will complement Reliance Retail’s retail network”, it said.
Adding in the deal, “all METRO India stores will continue to operate under the METRO brand during an agreed transition period.”
He further mentioned in his statement that no noticeable changes will be occurring for the consumers and the employees of METRO.
At the time of December 2022, METRO and RRVL announced a deal in terms of the acquisition of a German firm’s wholesale operations in India by Billionaire Mukesh Ambani-led firm for Rs.2850 crore.
What positive changes will it lead to?
Due to this deal, Reliance Retail will be getting in a dominant position to lead India’s huge retail sector, which also happens to be one of the speedy growing markets globally.
METRO AG CEO Steffen Greubel while talking about the development said, “With today’s successful closing of the sale, METRO India will open a new chapter in its journey. We are convinced that Reliance as the new owner, with its local expertise, will successfully lead the business into the future.”
Meanwhile, also showed gratitude to METRO’s Indian employees for their time, commitment and hard work for the last 20 years and wished them a new chapter.
Until now, Reliance Retail’s revenue for FY23 was Rs. 2.30 lakh crore.
Moreover, METRO also runs a leading international food business, operating in more than 30 countries. METRO was reported to have generated sales of 29.8 billion Euros in the financial year 2021-22.
