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.

Metro India serves kiranas and other small businesses and merchants. In the financial year 2021-22 (FY ended September 2022), the company generated sales of Rs 7,700 crore, its best sales performance since its market entry into India.

“The acquisition of Metro India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises," Isha Ambani, Director, Reliance Retail Ventures Limited, said.

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