Mumbai: As per media reports, Mukesh Ambani-owned Reliance Industries is all set to take possession of German retailer Metro AG's Cash & Carry business in India in a deal estimated at around Rs 4,060 crore.

The report cited that the deal includes 31 land banks, wholesale distribution centres, and other assets owned by Metro Cash & Carry in India. This acquisition will help Reliance Retail expand its presence in the B2B segment.

"Discussions were on between Reliance Industries and Metro for the past few months, and last week the German parent firm agreed to the offer from the former," as per a media report.

Other retailers were also part of the bid to acquire Metro Cash & Carry, including Siam Makro, which runs LOTS Wholesale Solutions (an online wholesale shopping business). Last month, Siam Makro, part of the Charoen Pokphand Group of Thailand, announced its withdrawal from the race for Metro Cash & Carry India.

For the record, Metro AG operates in 34 countries and stepped foot into the Indian market in 2003. It operates six stores in Bengaluru, four in Hyderabad, two each in Mumbai and Delhi, and one each in Kolkata, Jaipur, Jalandhar, Zirakpur, Amritsar, Ahmedabad, Surat, Indore, Lucknow, Meerut, Nasik, Ghaziabad, Tumakuru, Vijayawada, Visakhapatnam, Guntur, and Hubballi.

Reliance Industries' subsidiary, Reliance Retail Ventures Ltd. (RRVL), is the holding company for all the retail companies under the group. RRVL had reported a consolidated turnover of around two lakh crore rupees for the year ended 31 March 2022.