Metro advances talks to exit India
Multi-brand fast moving consumer goods retailer Metro AG is now in advanced talks concerning its wholesale business in India, this represents the German business indicating for the first time that it is planning to exit its operations in the country.
“We are very advanced in the process regarding India and are at a certain maturity level in the process,” said Metro AG’s global CEO Steffen Greubel, ETBureau reported. “It’s too early to share any information, but we have discussed it greatly... We are deep in the [sale] process in India.”
Media reports and sources had already reported Metro’s plans to leave India but this is the most the business itself has said on the matter to date. The main contender to buy Metro’s wholesale business is Reliance Industries Limited which the Economic Times reported in November had offered to purchase the business for between Rs 4,000 crore and Rs 4,500 crore.
Metro has a network of 31 stores across India and reported sales of $982 million in the 2022 financial year compared to $812 million in the 2021 financial year. The business is the fourth largest retailer in the world in terms of its revenue and is headquartered is Dusseldorf.
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