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Reliance to buy Metro India for Rs 2,850 crore

MUMBAI: Reliance Industries (RIL) has agreed to acquire Metro Cash & Carry India for Rs 2,850 crore, the two companies announced on Thursday. Metro Cash & Carry India is the local arm of German wholesaler Metro.
The deal with RIL will mark Metro’s exit from the world’s fifth largest economy. Metro entered India in 2003 and was the first company to introduce cash-and-carry business format in the country. It currently operates 31 large format stores across 21 Indian cities with about 3,500 employees. RIL has routed the transaction through its subsidiary Reliance Retail Ventures.
The acquisition will give Reliance Retail access to Metro India’s stores located in prime spots, its large base of registered kiranas and other institutional customers and its strong supplier network. Metro has a reach of over three million institutional customers, of which one million are frequent buyers. For the fiscal year ending September 30, 2022, Metro India generated sales of Rs 7,700 crore, its best sales performance since its entry into the country.
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. Reliance Retail operates more than
16,500 stores in India and partners with over two million merchants across grocery, electronics, apparel, pharmacy, lingerie, home and furnishing, beauty and personal care.
“With Metro India, we are selling a growing and profitable wholesale business in a very dynamic market at the right time. We are convinced that in Reliance we have found a suitable partner who is willing and able to successfully lead the company into the future in this market environment,” said Metro AG CEO Steffen Greubel. “This in one hand will benefit both our customers and our employees, for whose loyalty and performance we are very grateful, and on the other hand will enable Metro to focus on accelerating growth in the remaining country portfolio.”
The transaction, subject to regulatory and other customary closing conditions, is expected to be concluded by March 2023.

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