Metro AG exits: Here is what happened to other foreign retailers in India

Reliance Retail on Wednesday announced acquiring a 100 per cent stake in German retailer Metro AG

Reliance Retail, on Wednesday, signed a definitive agreement to acquire a 100 per cent stake in German general store company Metro AG's India operations. The Reliance group will pay Rs 2,850 crore for the deal. The deal is expected to be completed by March 2023.

"The acquisition will further strengthen Reliance Retail's physical store footprint and ability to better serve consumers and small merchants by leveraging synergies and efficiencies across supply chain networks, technology platforms and sourcing capabilities. The symbiotic relationship will create greater value for all stakeholders in the retail ecosystem," Reliance Retail said.

Metro AG entered India in