RIL makes Rs 5.6k-crore initial offer for Metro Cash & Carry India; CP Group bids Rs 8k crore

Reliance Retail has submitted a non-binding bid of around Rs 5,600 crore to acquire Metro Cash and Carry’s India operations and assets, which are up for sale, said three industry executives aware of the development.

Thailand’s largest conglomerate, Charoen Pokphand (CP) Group, has placed a bid of about Rs 8,000 crore, or $1 billion, which almost matches the German wholesaler’s expectations. Metro India gave detailed presentations on performance and growth potential to senior teams from the two bidders in the presence of merchant bankers in Bengaluru two weeks ago, said the people cited.