Retail Reliance Ventures Limited, a subsidiary of Dependent industry Ltd purchased a 100% stake for Rs 2,850 crore ($344 million) in Metro Cash & Carry Enterprise India.
The acquisition will strengthen Reliance Retail’s footprint across the country as it will have access to Metro India stores and the kirana network.
Metro India currently operates 31 large format stores across 21 cities with around 3,500 employees and claims to have 3 million customers.
Commenting on the investment, Isha Ambani, director of Reliance Retail Ventures Limited in a statement said: “The acquisition of Metro India aligns with our new commercial strategy to build a unique model. about common prosperity through active cooperation with merchants and small businesses. We believe Metro India’s healthy assets combined with our deep understanding of India’s merchant/kirana ecosystem will help deliver a differentiated value proposition for small businesses. in India.”
Dr Steffen Greubel, CEO of Metro AG added: “With Metro India, we are selling a growing and profitable wholesale business in a very dynamic market at the right time. We believe that at Reliance we have found the right partner who is willing and able to lead Metro India to future success in this market environment.”
Metro reported sales of $982 million in fiscal 2022 compared to $812 million in fiscal 2021. The business is the fourth largest retailer in the world by revenue and is headquartered in Dusseldorf.
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