homebusiness Newscompanies NewsReliance is said to be sole bidder for Metro’s India business

Reliance is said to be sole bidder for Metro’s India business

Reliance is said to be sole bidder for Metro’s India business
Read Time2 Min(s) Read
Profile image

By Bloomberg  Oct 13, 2022 4:59:31 PM IST (Published)

A deal could value the business at $1 billion to $1.2 billion including debt, a different person said. Discussions between Reliance and Metro regarding details including the valuation are ongoing and could fall apart, the people said. 

Reliance Industries Ltd. is in advanced discussions to acquire German firm Metro AG’s wholesale operations in India, according to people familiar with the matter, as the conglomerate led by billionaire Mukesh Ambani seeks to dominate India’s mammoth retail sector.

Recommended Articles

View All

Charoen Pokphand Group Co. is no longer actively in talks with Metro, leaving only Ambani’s Reliance to pursue the so-called cash-and-carry business, the people said, asking not to be identified as the information is private. A final decision could emerge as early as next month, one of the people said. 
A deal could value the business at $1 billion to $1.2 billion including debt, a different person said. Discussions between Reliance and Metro regarding details including the valuation are ongoing and could fall apart, the people said. 
A spokesperson for Metro declined to comment, while representatives for CP Group and Reliance didn’t immediately respond to requests for comment.
Metro entered the Indian market in 2003 and currently operates 31 wholesale distribution centres across the country, serving business customers only, according to its website. Its core clients include hotels, restaurants as well as different types of corporates such as small retailers.
Reliance is already the country’s biggest brick-and-mortar retailer, and a strong wholesale unit would further deepen its operations in India. Along with CP Group and Reliance, Metro’s potential cash-and-carry business sale had also drawn interest from Amazon.com Inc., Bloomberg News reported in July. 
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng