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New Delhi: Germany-based Metro AG is set to buy the company’s Indian business from Reliance Industries for Rs 2,850 crore.
Reliance Retail Ventures, a subsidiary of Reliance Industries, RRVL, is said to be buying 100 percent of the shares of Metro Cash and Carry India for Rs 2,850 crore.
Metro Company had its first foothold in India in 2003. Currently, the company has 31 largest stores across 21 cities in India. These employ 3,500 people.
These stores of Metro sell fruits, vegetables, groceries, electronics, home appliances, textile products required by hotels, offices, companies etc.
It is noteworthy that most of the stores of Metro are located in the southern states of the country.
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