Reliance, PremjiInvest, CP Group, Swiggy potential bidders for Metro India unit

27 Jun 2022 , 10:40 AM

Reliance Retail, Thailand’s largest conglomerate Charoen Pokphand (CP) Group and food and grocery online delivery platform Swiggy are competing with PremjiInvest, a private equity fund owned by Azim Premji, to buy the Indian cash-and-carry operations of German retailer Metro AG, said a news report stated by “Economic Times”.

In addition to this, the Tata Group and private equity fund Bain Capital are evaluating the $1-1.5 billion buyout opportunity but are yet to firm up any plans.

As per the media report, “The submission of non-binding offers is scheduled for this week. Flipkart-Walmart, DMart and Amazon have for the moment opted out of the race. Detailed due diligence will start after the non-binding offers are received with firm offers expected in two months.”

Further, Reliance Retail spokesperson said anonymously, “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis.”