Competition watchdog Competition Commission of India (CCI) approved the acquisition of Metro Cash and Carry by Reliance Retail Ventures, said an official press release. Through the proposed acquisition, Reliance Retail will acquire 100% of the stake in Metro for ₹2,850 crore.
Reliance Retail is a subsidiary of Reliance Industries and is engaged in the wholesale and retail sale of products such as groceries and apparel in India. Metro Cash and Carry, on the other hand, is engaged in the business of cash and carry wholesale trading in India.
CCI on Wednesday also approved the acquisition of equity share capital of L&T Infrastructure Development Projects by Epic Concesiones. It also approved the acquisition of Kudgi Transmission by Infrastructure Yield Trust – an alternative investment fund.
The competition regulator also approved the acquisition of control of Meritor by American multinational company Cummins. Meritor is a supplier of axles, brakes and other modules for commercial vehicle, transportation and industrial sectors.
Source: Economic Times