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    Mukesh Ambani: Reliance Industries will now strike wholesale, Mukesh Ambani’s Rs 2,850 crore deal cleared

    Shehnaz AliBy Updated:No Comments2 Mins Read
    New Delhi: After retail, Reliance Industries, the country’s most valuable company, is now preparing to flag in the wholesale market as well. Reliance struck a deal three months ago to buy the Indian business of German retailer Metro AG for Rs 2,850 crore. The Competition Commission of India (CCI) has given the green signal. This deal will help Reliance to strengthen its position in the wholesale market. Reliance has already deposited its coin in the retail industry. The company’s business in retail extends to electronics, grocery and fashion.

    Metro is active in the Indian market since 2003. According to a Reuters report, the company’s sales in the financial year ending September 2022 were Rs 7,700 crore. The company operates 31 stores in 21 cities across the country and supplies to restaurants and small shopkeepers. There are about 3500 employees. The company has around 30 lakh customers. Out of this, there are 10 lakh people who are regular customers of Metro, who shop through the B2B app. The German company says that it will benefit about 150 million euros from this deal.

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    What will be the benefit of Reliance

    Metro has a large network of store network. The company has established itself as a major player in the grocery market in India. This company is becoming one stop for grocery shopkeepers and small businessmen in the country. Reliance’s retail market will get a big boost after the acquisition of the company. The company is already in the retail market with Reliance Jio Mart, Reliance Trend, Smart Bazaar. Reliance Retail is headed by Mukesh Ambani’s daughter Isha Ambani. Isha Ambani was actively involved in this deal.

    Source: navbharattimes.indiatimes.com

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    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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