The Competition Commission of India (CCI) on Tuesday said it had 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), while Metro Cash & Carry India is engaged in the wholesale operations in India.
In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100% equity stake in the company for a total cash consideration of ₹2,850 crore.
In a tweet on Tuesday, the regulator said it had cleared the “acquisition of Metro Cash and Carry India Pvt Ltd by Reliance Retail Ventures Ltd.”
The fair trade regulator has also given its nod for the “acquisition of 100 per cent of equity share capital of L&T Infrastructure Development Projects Ltd and Kudgi Transmission Ltd, by Epic Concesiones Pvt Ltd and Infrastructure Yield Plus II (affiliates of Edelweiss Group), respectively,” according to another tweet.
L&T Infrastructure Development Projects Ltd. (L&T IDPL) is involved in the business of development, operation, and maintenance of infrastructure projects.
Epic Concesiones Pvt. Ltd. (ECPL) is wholly-owned by Infrastructure Yield Plus II (IYP II), an alternative investment trust (AIF) of Edelweiss group. Kudgi Transmission Ltd. is into developing a transmission system required for evacuation of power.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices.