Only Mukesh Ambani’s Reliance Industries is left in the race to buy Metro AG.

New Delhi: The country’s second largest rich Mukesh Ambani is engaged in spreading his business in many sectors. Meanwhile, another company is about to fall in his bag. According to a Bloomberg report, Reliance Industries has remained the only company in the race to buy the wholesale business of German company Metro AG in India. Ambani wants to dominate the retail sector of the country. According to sources, the talks between the two companies are in advanced stage.

Thailand-based company Charoen Pokphand Group Co. had also shown interest in buying the Indian business of Metro AG. But according to sources his talks with Metro are not going on. That is, now only Reliance (RIL) is left in the competition to buy Metro Cash and Carry business. A final decision in this regard can be taken by next month. The value of this deal can range from $1 billion to $1.2 billion. This also includes debt. If sources are to be believed, the details including valuation are being discussed between the two companies. Representatives of Metro and Reliance declined to comment.

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metro business
Metro entered the Indian market in 2003 and currently has 31 wholesale distribution centers in the country. The company’s core clients include hotels, restaurants and small retailers. Reliance is already the largest brick and mortar retailer in the country. With the arrival of the wholesale unit, its position will be further strengthened. Amazon had also shown interest in the metro business.

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