METRO AG, a German retailer, announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which owns Reliance Industries Ltd's retail empire.

Metro AG said in a statement that the transaction comprises all 31 wholesale stores operated by METRO Cash & Carry India as well as the whole real estate assets (6 store-occupied premises).

"METRO India will complement Reliance Retail's retail network in the future," the company stated.

According to the agreement, "all METRO India stores will continue to operate under the METRO brand during an agreed-upon transition period."

However, it also stated that "for the time being, there will be no noticeable changes for METRO employees and METRO customers."

METRO and RRVL in December 2022 signed a deal for the acquisition of German firm's wholesale operations in India by billionaire Mukesh Ambani-led enterprise for ₹2,850 crore.

The deal will help Reliance Retail strengthen its dominant position in India's mammoth retail sector, which is one of the fastest-growing markets globally.

METRO AG CEO Steffen Greubel commented on the development, saying, "With today's successful closing of the sale, METRO India will begin a new chapter in its journey." We are confident that Reliance, as the new owner, will successfully lead the business into the future with its local expertise."

He also congratulated METRO's Indian staff for their hard work and dedication over the past 20 years and wished them a happy new chapter.

"In addition to the net debt reduction achieved in Q1 through the reclassification of the Indian business as "Asset held for sale" (€0.15 billion), cash proceeds of €0.3 billion will further reduce METRO's net debt (the total effect on net debt is thus more than €0.4 billion) and will support METRO's Core strategy implementation," the statement said.

RRVL is Reliance Industries' holding company for its retail business.