Reliance-Metro AG Deal: Asia's richest man Mukesh Ambani is now ready to foray into the wholesale or wholesale market after retail business. For this, he had bought the Indian business of German company Metro AG under a deal about 3 months ago. This deal was worth around Rs 2850 crore. This deal was done by Mukesh Ambani on the birthday of his father Dhirubhai Ambani. Now the deal has got the green signal from the Competition Commission of India. This deal will help Mukesh Ambani to further his wholesale business, which will also benefit the retail business.
CCI approved
The Competition Commission of India (CCI) said on Tuesday that it has approved the acquisition of Reliance Retail's German company Metro AG's wholesale business in India. Reliance Retail Ventures Limited (RRVL) is a subsidiary of Reliance Industries Limited (RIL) while Metro AG's Metro Cash & Carry India deals in wholesale business in India. In December last year, it was announced that RRVL had entered into agreements for 100 per cent stake in the company for Rs 2,850 crore. The regulator tweeted on Tuesday that Reliance Retail Ventures Limited's acquisition of Metro Cash and Carry India Private Limited has been approved.
Metro AG status in India
1. Metro AG has been active in India for about 20 years i.e. since 2003.
2. Metro AG's sales in September 2022 were Rs 7,700 crore.
3. Metro AG operates 31 stores across 21 cities in India.
4. Metro AG supplies goods to restaurants and small retailers in the country.
5. About 3,500 employees work in Metro AG's country.
6. Metro AG has about 30 lakh customers in India. There are 10 lakh regular customers.
7. Metro AG will benefit about 150 million euros from this deal.
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