Reliance Retail buys B2B wholesaler METRO India for Rs 2,850 crore

NEW DELHI: Reliance Industries Ltd’s (RIL) retail arm Reliance Retail Ventures Limited (‘RRVL’) on Thursday signed definitive agreements to acquire a 100 per cent equity stake in METRO Cash & Carry India Pvt Ltd. (‘METRO India’) for a total cash consideration of Rs 2,850 crore, subject to closing adjustments. The acquisition by the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India’s mammoth retail sector.