<p>German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd.</p>.<p>The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement.</p>.<p>"METRO India will complement Reliance Retail’s retail network in the future," it said.</p>.<p>As per the deal, "all METRO India stores will continue to operate under the METRO brand during an agreed transition period."</p>.<p>However, it also added, "For METRO employees and METRO customers, there will be no noticeable changes for the time being."</p>.<p>METRO and RRVL in December 2022 announced a deal for the acquisition of German firm's wholesale operations in India by billionaire Mukesh Ambani-led firm for Rs 2,850 crore.</p>.<p>The deal will help Reliance Retail strengthen its dominant position in India's mammoth retail sector, which is one of the fastest-growing markets globally.</p>.<p>Commenting on the development METRO AG CEO Steffen Greubel said: "With today’s successful closing of the sale, METRO India will open a new chapter in its journey. We are convinced that Reliance as the new owner, with its local expertise, will successfully lead the business into the future."</p>.<p>He also thanked METRO's Indian employees for their hard work and commitment over the past 20 years and wished them for a new chapter.</p>.<p>METRO will continue to build on its growth momentum and take further steps to achieve its mid- and long-term ambitions.</p>.<p>"In addition to the reduction in net debt already realised in Q1 through the reclassification of the Indian business as “Asset held for sale” (€0.15 billion), cash proceeds of €0.3 billion will further reduce METRO’s net debt (the total effect on net debt is, therefore, more than €0.4 billion) and will support METRO’s sCore strategy implementation," the statement said.</p>.<p>RRVL is the holding company for the retail operations of Reliance Industries.</p>.<p>For the financial year ending March 31, 2023, Reliance Retail's revenue from operation was Rs 2.30 lakh crore.</p>.<p>The company is focusing to expand its distribution network across geographies as well as a product offering in the Consumer Brands business.</p>.<p>METRO is a leading international food wholesaler, operating in more than 30 countries. In the financial year 2021/22, METRO generated sales of €29.8 billion</p>
<p>German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd.</p>.<p>The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement.</p>.<p>"METRO India will complement Reliance Retail’s retail network in the future," it said.</p>.<p>As per the deal, "all METRO India stores will continue to operate under the METRO brand during an agreed transition period."</p>.<p>However, it also added, "For METRO employees and METRO customers, there will be no noticeable changes for the time being."</p>.<p>METRO and RRVL in December 2022 announced a deal for the acquisition of German firm's wholesale operations in India by billionaire Mukesh Ambani-led firm for Rs 2,850 crore.</p>.<p>The deal will help Reliance Retail strengthen its dominant position in India's mammoth retail sector, which is one of the fastest-growing markets globally.</p>.<p>Commenting on the development METRO AG CEO Steffen Greubel said: "With today’s successful closing of the sale, METRO India will open a new chapter in its journey. We are convinced that Reliance as the new owner, with its local expertise, will successfully lead the business into the future."</p>.<p>He also thanked METRO's Indian employees for their hard work and commitment over the past 20 years and wished them for a new chapter.</p>.<p>METRO will continue to build on its growth momentum and take further steps to achieve its mid- and long-term ambitions.</p>.<p>"In addition to the reduction in net debt already realised in Q1 through the reclassification of the Indian business as “Asset held for sale” (€0.15 billion), cash proceeds of €0.3 billion will further reduce METRO’s net debt (the total effect on net debt is, therefore, more than €0.4 billion) and will support METRO’s sCore strategy implementation," the statement said.</p>.<p>RRVL is the holding company for the retail operations of Reliance Industries.</p>.<p>For the financial year ending March 31, 2023, Reliance Retail's revenue from operation was Rs 2.30 lakh crore.</p>.<p>The company is focusing to expand its distribution network across geographies as well as a product offering in the Consumer Brands business.</p>.<p>METRO is a leading international food wholesaler, operating in more than 30 countries. In the financial year 2021/22, METRO generated sales of €29.8 billion</p>