The Competition Commission of India (CCI) on Tuesday said it has approved Reliance Retail Venture’s acquisition of German firm Metro AG’s wholesale operations in India.
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) and Metro Cash & Carry India is a wholesaler in India.
In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 percent stake in the company for a total cash consideration of Rs 2,850 crore.
In a tweet on Tuesday, the regulator said it had cleared “Reliance Retail Ventures Ltd’s acquisition of Metro Cash and Carry India Pvt Ltd”. The fair trade regulator also ordered the acquisition of 100 per cent equity capital of L&T Infrastructure Development Projects Ltd and Kudgi Transmission Ltd by Epic Concesiones Pvt Ltd and Infrastructure Yield Plus II (subsidiaries of Edelweiss Group) respectively. “, another tweet said.
L&T Infrastructure Development Projects Ltd (L&T IDPL) is in the business of developing, operating and maintaining infrastructure projects.
Epic Concesiones Pvt Ltd (ECPL) is wholly owned by Infrastructure Yield Plus II (IYP II), an alternative investment trust (AIF) of the Edelweiss Group. Kudgi Transmission Ltd is developing the necessary transmission system for power evacuation.
Transactions above a certain threshold must be approved by the CCI, which monitors unfair business practices.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)