Reliance, PremjiInvest, CP Group, Swiggy look to bid for Metro India unit

Mumbai/New Delhi: Reliance NSE 0.68 % Retail, Thailand’s largest conglomerate Charoen Pokphand (CP) Group and food and grocery delivery platform Swiggy are competing with PremjiInvest, the investment fund managed by the family office of Indian tech billionaire Azim Premji, to buy the Indian cash-and-carry operations of German retailer Metro AG, said multiple people involved.

The Tata Group and private equity fund Bain Capital are evaluating the $1-1.5 billion buyout opportunity but are yet to firm up any plans, said the people mentioned above. The submission of non-binding offers is scheduled for this week. Flipkart-Walmart, DMart and Amazon have 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.