Is Reliance Retail Looking Forward To Be the Biggest Player In B2B Segment? The deal between Reliance Industries and German retailer METRO AG's Cash & Carry business in India is estimated at around INR 4,060 crore

Reliance Industries is set to acquire German retailer METRO AG's Cash & Carry business in India in a deal estimated at around INR 4,060 crore, reported PTI citing sources aware of the matter.

This is going to help Reliance Retail expand its presence in the B2B segment. Discussion for this deal was going on for the past few months and last week the German parent firm agreed to the offer from Reliance Retail.

Further media reports stated that the deal includes 31 land banks, wholesale distribution centres and other assets owned by METRO Cash & Carry in India, adding that some other retailers were also in the race to acquire the business, including Siam Makro, which operates Lots Wholesale cash-and-carry trading under the brand name LOTS Wholesale Solutions. Siam Makro had announced its withdrawal from the bidding process last month.

METRO Cash & Carry's customers include retailers, kirana stores, hotels, restaurants and caterers (HoReCa), corporates, SMEs, companies, and institutions.

Reliance Industries' subsidiary Reliance Retail Ventures Limited (RRVL), is the holding company of all the retail companies under the conglomerate. RRVL had reported a consolidated turnover of around INR 2 lakh crore last fiscal.

According to reports last week, Reliance Retail is in talks to buy a 49 per cent stake in Naturals Salon & Spa, adding the salon business to its portfolio.

At RIL's 45th Annual General Meeting, Mukesh Ambani, chairman Reliance Industries, had announced Isha Ambani as the new leader of the retail business. The meeting also announced Reliance Retail's foray into fast-moving consumer goods (FMCG) business, with an objective to develop and deliver high quality, affordable products.