Wednesday , 22 March 2023
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Reliance Industries inches up as its arm inks agreements to acquire METRO India

Reliance Industries is currently trading at Rs. 2593.50, up by 9.10 points or 0.35% from its previous closing of Rs. 2584.40 on the BSE.

Reliance Industries
Reliance Industries

The scrip opened at Rs. 2595.20 and has touched a high and low of Rs. 2606.65 and Rs. 2575.75 respectively. So far 25473 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 2855.00 on 29-Apr-2022 and a 52 week low of Rs. 2181.00 on 08-Mar-2022.

Last one week high and low of the scrip stood at Rs. 2633.60 and Rs. 2558.10 respectively. The current market cap of the company is Rs. 1748603.49 crore.

The promoters holding in the company stood at 50.57%, while Institutions and Non-Institutions held 38.65% and 10.78% respectively.

Reliance Industries’ subsidiary — Reliance Retail Ventures (RRVL) has signed definitive agreements to acquire 100% equity stake in METRO Cash & Carry India (METRO India) for a total cash consideration of Rs 2,850 crore, subject to closing adjustments.

METRO India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.

The multi-channel B2B cash & carry wholesaler has reach to over 3 million B2B customers in India, of which 1 million are frequently buying customers, through its store network and eB2B app.

Through this acquisition, Reliance Retail gets access to a wide network of METRO India stores located in prime locations across key cities, a large base of registered kiranas and other institutional customers, strong supplier network and some of the global best practices implemented by METRO in India.

The acquisition will further strengthen Reliance Retail’s physical store footprint and ability to better serve consumers and small merchants by leveraging synergies and efficiencies across supply chain networks, technology platforms and sourcing capabilities. The symbiotic relationship will create greater value for all stake holders in the retail ecosystem.

Reliance Industries is India’s largest private sector company.

The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.