Metro AG, after reviewing the progress of its Indian arm, is now looking for strategic external tie-ups. Discussions have been held with bankers in this regard. Metro Cash & Carry has more than 30 stores in India.
German retailer Metro AG is set to wind up business from India. In fact, Metro AG is looking for a partner to sell its stake in the Indian subsidiary Metro Cash & Carry India. News agency PTI has given this information quoting a source.
The source said Metro AG is now looking for strategic external tie-ups after reviewing the progress of its Indian arm. There have been some discussions with bankers about this. Let us tell you that Metro Cash & Carry India has more than 30 stores in India.
Ambani-Damani-Tata contact:Â Â According to the Economic Times report, Metro AG has approached Mukesh Ambani’s Reliance Retail, Radhakishan Damani’s Avenue Supermarts (D-Mart) and Tata Group for stake sale. In addition, early-stage talks have been held with Amazon, Thailand’s Charon Pokfund (CP) Group, Lulu Group and PE fund Samara Capital.
According to the source, Indian business needs more investment to expand its network and add more stores. At the same time, Metro AG spokesperson has also acknowledged that the company is reviewing strategic options.
Gerd Koslowski, Senior Vice President (Corporate Communications), Metro AG, said, “Metro India is a growing business with huge potential for wholesale. We are reviewing options with potential partners to enhance Metro’s existing wholesale capabilities and accelerate business growth in India.”
