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Business News/ Industry / Retail/  Metro’s top brass may be retained post RIL buyout
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Metro’s top brass may be retained post RIL buyout

The deal will be officially inked hopefully by the month end

On Monday, PTI reported that RIL is set to acquire Metro AG’s cash and carry business for an estimated €‎500 million ( ₹4,060 crore), citing sources. MINTPremium
On Monday, PTI reported that RIL is set to acquire Metro AG’s cash and carry business for an estimated €‎500 million ( 4,060 crore), citing sources. MINT

NEW DELHI :

German retailer Metro AG’s decision to sell its India wholesale business to Reliance Retail Ventures was based on RIL’s ability to get quick regulatory approvals and to safeguard the interests of employees, said people in the know.

On Monday, PTI reported that RIL is set to acquire Metro AG’s cash and carry business for an estimated €‎500 million ( 4,060 crore), citing sources. The deal includes 31 wholesale distribution centres, land and other assets owned by Metro.

“The deal is on and it will be officially inked hopefully by the month end," a person, seeking anonymity said. “Based on the discussions with Reliance, we believe they’re keen on the current management to stay, and a key attraction—apart from the robust business model—was the quality of people at Metro in India," he added. The cash and carry business has nearly 5,000 employees on its rolls.

A Metro India spokesperson refused to divulge the size and other terms of the proposed deal, but said:. “Metro AG is examining strategic options for Metro India, and is engaged in advanced talks in this process. No further comments."

When contacted a Reliance Industries spokesperson said : “As a policy, we don’t comment on media speculations. RIL evaluates various opportunities on an ongoing basis. We made and will continue to make necessary disclosure in compliance with our obligations under the Securities Exchange Board of India regulations 2015 and our agreement with exchanges."

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Published: 08 Nov 2022, 01:43 AM IST
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