Metro Cash & Carry Completes Rs 2,850 Crore Deal With Reliance Retail: Report
NDTV
The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement
German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash and carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd.
The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and 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 in the future," it said.
As per the deal, "all METRO India stores will continue to operate under the METRO brand during an agreed transition period." However, it also added, "For METRO employees and METRO customers, there will be no noticeable changes for the time being." Earlier on Dec 22 METRO and RRVL had announced the deal, as part of which billionaire Mukesh Ambani led firm will acquire German firm wholesale operations in India for Rs 2,850 crore.
