Reliance Industries’ coin will also be frozen in wholesale, Mukesh Ambani’s 2,850 crore deal gets green signal
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Mukesh Ambani: After retail, Reliance Industries is now preparing to establish its flag in the wholesale market as well. Reliance had entered into a deal 3 months ago to buy the Indian business of Germany’s retailer company Metro AG for Rs 2850 crore. The Competition Commission of India (CCI) said on Tuesday that it has approved the acquisition of Reliance Retail’s German company Metro AG’s wholesale business in India.
Metro Cash & Carry India does wholesale business in India.
Reliance Retail Ventures Limited (RRVL) is a subsidiary of Reliance Industries Limited (RIL), while Metro AG’s Metro Cash & Carry India handles the wholesale business in India. In December 2022, it was announced that RRVL had entered into an agreement for 100 per cent stake in the company for Rs 2850 crore. Metro is active in the Indian market since 2003. According to a Reuters report, the company’s sales in the financial year ending September 2022 were Rs 7700 crore. This company runs 31 stores in 21 cities of the country and supplies to restaurants and small shopkeepers. There are about 3500 employees in the company. The company has about 30 lakh customers. Out of this, there are 10 lakh people who are regular customers of Metro, who make purchases through B2B app. The German company says that this deal will benefit it around 150 million euros.
CCI gave this information
Reliance Retail Ventures Ltd has approved the acquisition of Metro Cash & Carry India Pvt Ltd, tweeted on Tuesday from the regulator. At the same time, it was informed through another tweet that the fair trade regulator has approved Epic Concessions Pvt Ltd and Infrastructure Yield Plus II (owned by Edelweiss Group) for acquisition of 100 per cent equity share capital of L&T Infrastructure Development Projects Ltd and Kudgi Transmission Ltd, respectively. associate) has given its approval. L&T Infrastructure Development Projects Limited (L&T IDPL) is involved in the business of development, operation and maintenance of infrastructure projects. ECPL is wholly owned by Infrastructure Yield Plus II, an Alternative Investment Trust (AIF) of the Edelweiss Group. Cudgee Transmission Limited is developing a transmission system required for evacuation of power.
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