CCI approves Reliance’s acquisition of METRO Cash & Carry India: The Competition Commission of India (CCI) has approved Reliance Retail Venture’s (RRVL) acquisition of the food wholesaler METRO Cash & Carry India. RRVL is a subsidiary of the Mukesh Ambani-led Reliance Industries (RIL). The competition body confirmed the development in a tweet. In December 2022, RIL said that RRVL signed agreements to fully acquire METRO Cash and Carry India for a total cash consideration of Rs 2,850 crore.
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The CCI tweeted, “C-2023/02/1000 Commission approves acquisition of METRO Cash and Carry India Private Limited by Reliance Retail Ventures Limited.”
On 22 December 2022, Reliance Retail Ventures Ltd (RRVL) signed definitive agreements to acquire a 100% equity stake in Metro Cash & Carry India Pvt Ltd. Metro started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country.
