MUMBAI, Nov 7: Reliance Industries is set to buy the Indian business of Germany-based
wholesaler Metro Cash and Carry for nearly Rs 4,500 cr. Metro has 31 stores
in India.
Its financial performance has been not up to the mark for several years. Last
year the company posted a loss of Rs 67.37 cr. The turnover was Rs 6,503.25
cr. It has been operating here for the last 19 years.
While Reliance subsidiaries Reliance Retail and JioMart sell groceries and
other digital goods, Metro Cash and Carry’s customers include retailers, kirana
stores, hotels, restaurants and caterers. Metro's warehousing will be advantage
for Reliance retail business. Metro upon acquisition will come under Reliance
Retail Ventures Limited (RRVL).
Metro has six stores in Bengaluru, four in Hyderabad, two each in Mumbai and
Delhi, and one each in Kolkata, Jaipur, Jalandhar, Zirakpur, Amritsar, Ahmedabad,
Surat, Indore, Lucknow, Meerut, Nasik, Ghaziabad, Tumakuru, Vijayawada, Visakhapatnam,
Guntur and Hubballi.
Talks were going on for several months and the breakthrough was made only last
week. The RIL shares went up 0.3 per cent to 2,593.45 at 9:45 am on the BSE.
