Reliance Industries in talks to acquire Metro AG's India wholesale business
As part of its strategy to dominate Indian retail, Reliance Industries Limited is pursuing advanced talks to acquire Metro AG's India wholesale business. Billionaire Mukesh Ambani’s business is now the only firm continuing talks with Metro AG.
Reliance Industries Limited could be on the way to acquiring German business Metro AG’s India wholesale operations, ET Bureau reported. A final decision on the possible acquisition deal could be made as soon as November but as numerous details, such as the valuation of the business, are still under discussion, the deal is far from secure at this stage.
Thai conglomerate Charoen Pokphand Group Co was previously also in talks to potentially acquire Metro AG’s wholesale business in India but has exited active talks, anonymous sources told Bloomberg. The Bangkok-based business has not yet made a public statement on the matter.
Metro AG’s wholesale operations in India comprise a cash-and-carry business which retails a wide range of fast moving consumer goods including beauty and personal care goods among others. Metro first entered the Indian market in 2003 and mainly caters to businesses including hotels, small retailers, and restaurants among others. The business counts 31 business-to-business distribution centres across India.
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