METRO Cash and Carry India Private Limited acquisition by Reliance Retail Ventures Limited approved by CCI
Kanwar Inder Singh/ March 15,2023
The Competition Commission of India (CCI) approves acquisition of METRO Cash and Carry India Private Limited by Reliance Retail Ventures Limited
The proposed combination involves acquisition of 100% of the issued and paid-up equity share capital of METRO Cash and Carry India Private Limited (Target) by the Reliance Retail Ventures Limited (Acquirer).
The Acquirer is a subsidiary of Reliance Industries Limited. The Acquirer, through its subsidiaries and affiliates, is engaged in the wholesale and retail sale of products across categories such as food and groceries, durable goods and apparel and footwear in India.
The Target is engaged in the business of cash and carry wholesale trading in India.
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India.
In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 per cent equity stake in the company for a total cash consideration of ₹ 2,850 crore.