Reliance buyout of METRO Cash & Carry India gets CCI's clearance

METRO India began operations in India in 2003 and was the first company to introduce a cash-and-carry business format in the country

The Competition Commission of India on Tuesday said it has approved Reliance Retail Ventures’ (RRVL’s) acquisition of METRO Cash & Carry India for a cash consideration of Rs 2,850 crore.

RRVL is a subsidiary of Reliance Industries, while METRO Cash & Carry India is engaged in wholesale operations in India.

In December last year, RRVL had signed a definitive agreement to acquire a 100 per cent stake in the German firm Metro AG’s wholesale operations in India.

Through this acquisition, RRVL gets access to a wide network of METRO India stores across key cities, a large base of registered mom-and-pop