The Competition Commission of India (CCI) on Tuesday said it has 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 and 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 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
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