Reliance Industries Limited (RIL) is all set to buy German retailer METRO AG’s Cash and Carry India. It will carry business in India for 500 million Euro or Rs. 4,060 crores.

Reportedly, the deal is expected to include 31 wholesale distribution centers, land banks, and other assets owned by the German retailer in India.

The investment will help Reliance Retail, the retail arm of Mukesh Ambani’s conglomerate to increase its presence in the B2B (business-to-business) segment. Negotiations between RIL and METRO had been going on for the past few months, and the German parent firm agreed to RIL’s offer last week.

METRO AG caters to businesses such as retailers, kirana stores, hotels, restaurants, caterers, corporates, companies, hotels, corporates, SMEs, all types of offices, companies and institutions, as well as self-employed professionals.

With the completion of the deal, METRO AG will become the second multinational retailer to exit from the low-margin B2B business in India after French Carrefour in 2014.

METRO AG Cash and Carry entered the Indian market in 2003. Presently, the company operates 31 wholesale distribution centers under the brand METRO Wholesale.

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