CP Group is placing a non-binding bid of around Rd8,000 crore (approx. $1 billion) for Metro Cash and Carry’s India operations and assets, which are up for sale, according to the report by The Economic Times, citing three industry executives close to the matter.
Reliance Retail also made a bid of around Rs 5,600 crore.
However, Metro Cash and Carry India spokesperson said that the company does not comment on rumours and speculations.
Meanwhile, German parent Metro AG raised concerns about the regulatory environment in India and lobby groups against foreign retail.
Metro Cash and Carry India recorded sales of Rs 6,738.3 crore in FY21, representing a growth of 4% over the previous year. The company follows the October to September fiscal year.