- ALSO READ
Google may face a third CCI fine in less than a month. Now for Android TV
Indian developers benefit from Android, Play: Google on CCI penalty
Why does Google find itself in CCI's crosshairs?
Developers pan Google's 'delay tactics' even as it begins heeding CCI order
Like Google, Apple may now be asked by CCI to change app store policy
-
India's competition regulator said on Tuesday that it has cleared Reliance Industries Ltd's Rs 2,850 crore ($346.16 million) acquisition of the Indian business of German retailer Metro AG.
The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion.
Metro has been active in the Indian market since 2003 and reported sales of about Rs 7,700 crore for the financial year ended September 2022. It operates 31 stores in 21 cities and is mostly a supplier to restaurants and smaller businesses.
The German retailer had said in its first quarter earnings statement that it sees a transaction gain in EBITDA terms of around 150 million euros ($160.49 million) from the deal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Tue, March 14 2023. 20:02 IST
RECOMMENDED FOR YOU