In December, RRVL signed agreement to acquire Metro Cash & Carry India for Rs 2,850 crore
New Delhi:
The Competition Commission of India (CCI) on Tuesday said it has approved the acquisition of German firm Metro AG’s wholesale operations in India by Reliance Retail Ventures.
Reliance Retail Ventures Limited (RRVL) is a subsidiary of Reliance Industries Limited (RIL), while Metro Cash & Carry India is engaged in wholesale operations in India.
In December last year, it was announced that RRVL had signed definitive agreements to acquire 100 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
In a tweet on Tuesday, the regulator said it has approved “Acquisition of Metro Cash & Carry India Pvt Ltd by Reliance Retail Ventures Ltd”. The fair trade regulator has given its approval for “acquisition of 100 per cent of the equity share capital of L&T Infrastructure Development Projects Limited and Kudgi Transmission Limited by Epic Concessions Pvt Ltd and Infrastructure Yield Plus II (an affiliate of Edelweiss Group) respectively.” , according to another tweet.
L&T Infrastructure Development Projects Limited (L&T IDPL) is involved in the business of development, operation and maintenance of infrastructure projects.
Epic Concesiones Pvt Ltd (ECPL) is wholly owned by Infrastructure Yield Plus II (IYP II), an Alternative Investment Trust (AIF) of the Edelweiss Group. Cudgi Transmission Limited is developing a transmission system required for evacuation of power.
Deals above a certain limit have to be approved by the CCI, which monitors unfair trade practices.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)