In December, RRVL signed agreements to amass Metro Money and Carry India for Rs 2,850 crore
New Delhi:
The Competitors Fee of India (CCI) on Tuesday stated it has authorized Reliance Retail Enterprise’s acquisition of German agency Metro AG’s wholesale operations in India.
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) whereas Metro Money & Carry India is engaged within the wholesale operations in India.
In December final yr, it was introduced that RRVL had signed definitive agreements to amass a 100 per cent fairness stake within the firm for a complete money consideration of Rs 2,850 crore.
In a tweet on Tuesday, the regulator stated it has cleared the “acquisition of Metro Money and Carry India Pvt Ltd by Reliance Retail Ventures Ltd.” The honest commerce regulator has additionally given its nod for the “acquisition of 100 per cent of fairness share capital of L&T Infrastructure Growth Initiatives Ltd and Kudgi Transmission Ltd, by Epic Concesiones Pvt Ltd and Infrastructure Yield Plus II (associates of Edelweiss Group), respectively”, in accordance with one other tweet.
L&T Infrastructure Growth Initiatives Ltd (L&T IDPL) is concerned within the enterprise of growth, operation, and upkeep of infrastructure tasks.
Epic Concesiones Pvt Ltd (ECPL) is wholly-owned by Infrastructure Yield Plus II (IYP II), another funding belief (AIF) of Edelweiss group. Kudgi Transmission Ltd is into growing a transmission system required for evacuation of energy.
Offers past a sure threshold should be authorized by CCI, which retains a tab on unfair enterprise practices.
(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)