Ambani, Bezos to bid for retailer Metro AG’s India operations
Charoen Pokphand Group and Reliance Industries are among suitors for German retailer Metro AG’s wholesale operations in India, as the companies seek to deepen their retail portfolio in one of the world’s largest consumer markets.
The Thai conglomerate controlled by tycoon Dhanin Chearavanont and its Indian counterpart backed by billionaire Mukesh Ambani have submitted non-binding bids, the people said. Amazon’s founder Jeff Bezos is also considering lodging an offer.
Metro has been working with advisers on a potential sale of the Indian business, which could fetch a valuation of $1 billion to $1.2 billion. Suitors could be shortlisted for the next round for bidding as soon as August.
Metro entered the Indian market in 2003 and currently operates 31 wholesale distribution centers across the country, serving business customers only, according to its website. Its core customers include hotels, restaurants as well as different types of corporates such as small retailers.