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Reliance buying German wholesaler Metro Cash and Carry business in India

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.

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