According to persons acquainted with the situation, Charoen Pokphand Group and Reliance Industries are two potential contenders for Indian wholesale operations of German retailer Metro AG as the businesses look to expand their retail portfolios in one of the largest consumer marketplaces in the world.
Both the Indian conglomerate backed by billionaire Mukesh Ambani and the Thai conglomerate headed by tycoon Dhanin Chearavanont have made non-binding offers, the sources claimed. The second-richest man in the world, Jeff Bezos, the founder of Amazon.com Inc., is reportedly thinking about making a bid as well.
According to one of the persons who wished to remain anonymous since the information is private, Metro has been working with consultants on a prospective sale of the Indian firm, which could bring in a valuation of $1 billion to $1.2 billion.
According to the source, candidates for the next round of bidding might be narrowed down as early as August. Companies may reject any proposals as a result of ongoing discussions, the sources claimed. They also said that since Metro hasn’t made a final decision, details could yet change.
A spokesperson for CP Group did not immediately reply to requests for comment, while those for Amazon, Metro, and Reliance rejected.
According to its website, Metro entered the Indian market in 2003 and now runs 31 wholesale distribution centres throughout the nation that only cater to business customers. Hotels, restaurants, as well as various corporate entities, such as small stores, are among its primary clients.
Amazon’s stock dropped 3.3 percent on Monday in the US, and Reliance dropped approximately 0.6 percent in Mumbai trade on Tuesday morning.
According to persons acquainted with the situation, Charoen Pokphand Group and Reliance Industries are two potential contenders for Indian wholesale operations of German retailer Metro AG as the businesses look to expand their retail portfolios in one of the largest consumer marketplaces in the world.
Both the Indian conglomerate backed by billionaire Mukesh Ambani and the Thai conglomerate headed by tycoon Dhanin Chearavanont have made non-binding offers, the sources claimed. The second-richest man in the world, Jeff Bezos, the founder of Amazon.com Inc., is reportedly thinking about making a bid as well.
According to one of the persons who wished to remain anonymous since the information is private, Metro has been working with consultants on a prospective sale of the Indian firm, which could bring in a valuation of $1 billion to $1.2 billion.
According to the source, candidates for the next round of bidding might be narrowed down as early as August. Companies may reject any proposals as a result of ongoing discussions, the sources claimed. They also said that since Metro hasn’t made a final decision, details could yet change.
A spokesperson for CP Group did not immediately reply to requests for comment, while those for Amazon, Metro, and Reliance rejected.
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