Reliance Retail to acquire Metro Cash & Carry India for Rs 2,850 crore

For a total cash payment of Rs 2,850 crore, Reliance Retail has inked a legally binding agreement to purchase a 100% share in Metro Cash & Carry India. The first business to use a cash-and-carry business model in India was Metro India, which started operations there in 2003. With roughly 3,500 people, it presently has 31 big format stores in 21 locations. "The acquisition will further strengthen Reliance Retail's physical store footprint and ability to better serve consumers and small merchants by leveraging synergies and efficiencies across supply chain networks, technology platforms and sourcing capabilities. The symbiotic relationship will create greater value for all stakeholders in the retail ecosystem," Reliance Retail said