German retailer Metro AG planning to exit India by selling its operations: Report
By MYBRANDBOOK
According to a news report, German retailer Metro AG will be exiting the Indian market by selling its cash-and-carry operations for $1.5-1.75 billion.
The same report states that companies such as Amazon, Thailand's Charoen Pokphand (CP) Group, Reliance Retail, Avenue Supermarts, Tata Group, Lulu Group, and PE fund Samara Capital have been approached to buy the MNC's cash-and-carry operations in the country. The discussions with potential buyers are said to be in the initial phase.
Metro AG has been present in India since 2003 and has been operating a chain of 31 cash-and-carry stores. JP Morgan and Goldman Sachs have been appointed to find a suitable buyer for Metro AG's business in India, the report states.
The main factors for their exit, according to an industry veteran, are pressures to sell below cost, free delivery of goods and negative EBITDA in the industry, as quoted in the report.
Metro AG revenues in FY21 (Oct-Sept) stood at $898 million and it is likely to clock more than $1 billion in revenues with an EBITDA growth of 30-40% as compared to 50% in the last fiscal.
According to Metro's India website its, "core customers include small retailers and kirana stores, hotels, restaurants and caterers, corporates, SMEs, all types of offices, companies and institutions, as well as self-employed professionals".
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