Reliance Retail’s consumer business has reportedly extended the access of Metro Cash & Carry to a wider audience, extending beyond their traditional focus on business-to-business customers.
As per an ET report, due to Reliance Retail Ventures’ Rs 2,850 crore deal with Metro AG, which has made Metro Cash & Carry an Indian entity, it is no longer obligated to adhere to the FDI norms.
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, on December 22 signed definitive agreements to acquire 100 percent equity stake in Metro Cash and Carry India Pvt Ltd (Metro India) for a cash consideration of Rs 2,850 crore.
Metro India, a wholly owned subsidiary of Mero AG, started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country and now runs 31 large format stores across 21 cities with about 3,500 employees.
The multi-channel B2B cash-and-carry wholesaler has a reach to over 3 million B2B customers in India and 1 million of them are frequent buyers through its store network and eB2B app.
Reliance Retail runs 52 B2B stores bearing the ‘Reliance Market’ label, specifically designed to serve Kiranas and other institutional customers.
Metro offers a range of products, including fruits, vegetables, general groceries, electronics, household items, and apparel, catering to a diverse customer base that includes hotels, restaurants, offices, corporations, small retailers, and Kirana stores.
DISCLAIMER:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Comments
0 comment