Indian regulator clears Reliance's over $300 million buy of Metro's local business

BENGALURU (Reuters) -India's competition regulator said on Tuesday that it has cleared Reliance Industries Ltd's 28.50 billion rupees ($346.16 million) acquisition of the Indian business of German retailer Metro AG.

The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion.

Metro has been active in the Indian market since 2003 and reported sales of about 77 billion rupees for the financial year ended September 2022. It operates 31 stores in 21 cities and is mostly a supplier to restaurants and smaller businesses.

The German retailer had said in its first quarter earnings statement that it sees a transaction gain in EBITDA terms of around 150 million euros ($160.49 million) from the deal.

($1 = 82.3330 Indian rupees)

($1 = 0.9347 euros)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Shailesh Kuber)