Metro entered the Indian market in 2003 and presently operates 31 wholesale distribution facilities throughout the nation, serving enterprise clients solely, based on its web site. Its core clients embrace resorts, eating places in addition to various kinds of corporates resembling small retailers.
Charoen Pokphand Group Co. and Reliance Industries Ltd. are amongst suitors for German retailer Metro AG’s wholesale operations in India, based on individuals aware of the matter, as the businesses search to deepen their retail portfolio in one of many world’s largest shopper markets.
The Thai conglomerate managed by tycoon Dhanin Chearavanont and its Indian counterpart backed by billionaire Mukesh Ambani have submitted non-binding bids, the individuals mentioned. Amazon.com Inc., whose founder Jeff Bezos is the world’s second richest man, can also be contemplating lodging a suggestion, the individuals mentioned.
Metro has been working with advisers on a possible sale of the Indian enterprise, which might fetch a valuation of $1 billion to $1.2 billion, based on one of many individuals, who requested to not be recognized as the knowledge is personal. Suitors might be shortlisted for the subsequent spherical for bidding as quickly as August, the individual mentioned.
Deliberations are ongoing and corporations might resolve towards any gives, the individuals mentioned. Metro hasn’t made any remaining determination and particulars might nonetheless change, they added. Representatives for Amazon, Metro and Reliance declined to remark, whereas CP Group didn’t instantly reply to requests for remark.
Metro entered the Indian market in 2003 and presently operates 31 wholesale distribution facilities throughout the nation, serving enterprise clients solely, based on its web site. Its core clients embrace resorts, eating places in addition to various kinds of corporates resembling small retailers.
Shares of Amazon fell 3.3% within the US on Monday, whereas Reliance slipped about 0.6% in early Tuesday buying and selling in Mumbai.
