New Delhi: The business of Reliance Industries Limited, the country's most valuable company, is continuously expanding. Mukesh Ambani, the company's chairman and Asia's second richest man, is doing big deals one after the other. Now Mukesh Ambani has made another big deal. The owner of Reliance has bought the Indian business of German retailer Metro AG. This deal has been done for Rs 2,849 crore.
Mukesh Ambani has taken this big step towards increasing his business in the retail sector. According to a Bloomberg report, Reliance will soon complete the process of acquiring Metro AG's Indian business. Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, has signed agreements to acquire a 100 percent equity stake in Metro Cash and Carry India Pvt Ltd (Metro India) for an aggregate of $344 million, according to reports.
Let us tell you that, in the past, it was informed by quoting sources related to the industry that talks are going on between Reliance and Metro Group regarding this deal. It was told that the agreement includes 31 wholesale distribution centers, land banks and other assets owned by Metro Cash & Carry. However, at that time no official statement was made by both company regarding the deal. According to the report, a statement issued by the company late on Wednesday (December 21) said that the transaction with RRVL is likely to be completed by March 2023.
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