Reliance Retail, Thailand’s largest conglomerate Charoen Pokphand (CP) Group, and food and grocery online delivery platform Swiggy are in the race to compete with PremijiInvest, the investment fund managed by the family office of Indian tech billionaire Azim Premji, in order to buy the Indian cash-and-carry operations of German retailer Metro AG, said a report by the ‘ET’.
The company has decided to exit the Indian market by selling its local operations, to which at least 10 potential buyers including Reliance, CP Group, Flipkart, D-Mart, and many others have been approached.
“The submissions of non-binding offers are scheduled for this week. Flipkart-Walmart, DMart, and Amazon for the moment opted out of the race. Detailed due diligence will start after the non-binding offers are received with firm offers expected in two months.” According to the report.
The Tata Group and Bain Capital, a private equity fund, are both evaluating the buyout worthing billions, but are yet to confirm.
However, a Reliance spokesperson anonymously said, “As a policy, we do not comment on media speculation and rumors. Our company evaluates various opportunities on an ongoing basis.”
A detailed assessment will start after the non-binding offers are received with firm offers expected in two months.
Financial investors like PremjiInvest are expected to be open to partnering with shortlisted candidates. Amazon and Walmart too might go for a similar strategy However, both are yet to take a step into the fierce bidding race.