Today, Reliance Retail Ventures Limited (‘RRVL’), a subsidiary of Reliance Industries (RIL), signed agreements to acquire a whole equity stake in METRO Cash & Carry India (METRO India) for a total cash consideration of Rs 2,850 crore, subject to closing adjustments.

METRO India, which started operations in 2003, became the first company in India to introduce a ‘cash and carry’ business model and currently operates 31 large stores across 21 cities with around 3,500 employees. The multi-channel B2B cash and carry wholesaler has reached over 3 million B2B customers in India, of which 1 million are regulars on its store network and eB2B app. The symbiotic relationship will create more excellent value for all stakeholders in the retail ecosystem.

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This company is India’s largest private sector. The activities span hydrocarbon exploration, petroleum refining, production and marketing, petrochemicals, advanced materials, renewables (solar and hydrogen), composites, financial services, and digital and retail services.

Yesterday on BSE, the stake of RIL company fell 1.4% to Rs 2,584.40.