Reliance Industries to acquire Metro's India business for $344 million
Metro started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.
Reliance Industries has agreed to buy German firm Metro AG's wholesale operations in India for $344 million as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector.
Reliance Retail Ventures Ltd (RRVL), a subsidiary of the oil-to-telecom conglomerate, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India Pvt Ltd for a total cash consideration of $344 million, subject to closing adjustments, the two firms said in a joint statement.
Reliance is India's biggest brick-and-mortar retailer with over 16,600 stores, and a strong wholesale unit would further deepen its operations in India.
Metro started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country and currently operates 31 large format stores across 21 cities with about 3,500 employees.
These stores sell products such as fruits and vegetables, general grocery, electronics, household goods and apparel to business customers like hotels, and restaurants as well as offices and companies, small retailers and kirana stores.
Half of the stores are in southern India.
"The multi-channel B2B cash and carry wholesaler has reach to over 3 million B2B customers in India, of which 1 million are frequently buying customers, through its store network and eB2B app," the statement said.
"With a presence in 8 of the 10 large cities, the acquisition should be a bolt-on to RIL's ambition to grow its last-mile reach by leveraging the relationship with Kirana stores," Morgan Stanley said in its comments on the deal.
Its past acquisition of Just Dial, Dunzo and the recent launch of FMCG consumer goods brand, 'Independence', have been steps to get more integrated in its retail offering, build on its around 3 million kirana merchant partners and expand its presence especially in Metros/Tier 1 cities.
The acquisition would give Reliance access to a large base of registered kiranas and other institutional customers, and strong supplier network, among others.
Its retail business effectively operates 3 large different business models - B2C via its physical stores; digital businesses (Jio Mart, Ajio among others); and a B2B business. It is the largest organized retailer in the key segments of grocery, fashion and lifestyle and consumer electronics.
"Over the years, Reliance has focused on the large kirana store ecosystem in India and the acquisition of Metro's wholesale business is a positive," said J P Morgan.
Upon closing of the transaction by March 2023, Metro will see a transaction gain of about 150 million euro at closing, and higher earnings per share are anticipated, the company said in a statement late Wednesday.
Speaking about this investment, Isha Ambani, Director, RRVL, said, "The acquisition of Metro India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises." Metro India is a pioneer and key player in the Indian B2B market and has built a solid multi-channel platform delivering strong customer experience.
"We believe that Metro India's healthy assets combined with our deep understanding of Indian merchant / kirana ecosystem will help offer a 0differentiated value proposition to small businesses in India," she said.
Isha is the daughter of Mukesh Ambani, chairman and managing director of Reliance Industries Ltd.
Steffen Greubel, CEO of METRO AG, said, "With Metro India, we are selling a growing and profitable wholesale business in a very dynamic market at the right time. We are convinced that in Reliance we have found a suitable partner who is willing and able to successfully lead Metro India into the future in this market environment.
"This in one hand will benefit both our customers and our employees, for whose loyalty and performance we are very grateful, and on the other hand, will enable METRO to focus on accelerating growth in the remaining country portfolio." With the acquisition of Metro India, Reliance Retail will continue to build reach across the country to serve the entire spectrum of Indian society i.e. households, kiranas and merchants, HoReCa (hotels, restaurants, and catering) and small and medium enterprises and institutions, and be the partner of choice, the statement said.
This will also enable win-win opportunities for producers, brand companies and global suppliers, it added.
Reliance Retail is ranked 56th amongst the top global retailers with USD 18 billion in revenues. It is the world's second-fastest-growing retail company behind only South Korea's Coupang.
The Indian retail is a Rs 60 lakh crore market with food and grocery constituting 60 per cent of it. Organised retail is expected to be 12 per cent of the entire retail segment.
Reliance already has a 20 per cent market share in the organised food and grocery business, with a store count that is nearly triple of its nearest competitor 'More' in the segment.
This month, it made a foray into FMCG space with the launch of brand 'Independence' for staples, processed foods, beverages and other daily essentials, rivalling likes of ITC, Tata Consumer Products Ltd, Patanjali and Adani Wilmar.
The B2B segment is considered to be a low-margin business and multinationals such as Carrefour have exited from the country.
E-commerce major Flipkart Group has acquired a 100 per cent stake in Walmart India Pvt Ltd, which operates the Best Price cash-and-carry business.
Retailers including Siam Makro which operates Lots Wholesale cash and carry trading business, under brand name LOTS Wholesale Solutions was also in the race to acquire Metro Cash & Carry business.
In August 2020, Reliance announced a Rs 24,713-crore deal to acquire the retail business of the Kishore Biyani-led Future group. As per the deal, it was to acquire 19 Future group companies operating in the retail, wholesale, logistics and warehousing segments.
The deal was called off by Reliance Industries in April this year after it failed to get lenders' support.
UK AVIATION engineers are arriving in Thiruvananthapuram to carry out repairs on an F-35B Lightning jet belonging to the Royal Navy, which has remained grounded after an emergency landing 12 days ago.
The jet is part of the HMS Prince of Wales Carrier Strike Group of the UK's Royal Navy. It made the emergency landing at Thiruvananthapuram airport on June 14. The aircraft, valued at over USD 110 million, is among the most advanced fighter jets in the world.
According to a spokesperson for the British High Commission, the aircraft is currently awaiting repairs at the Thiruvananthapuram international airport after it developed an engineering issue.
The UK has agreed to move the aircraft to the Maintenance Repair and Overhaul (MRO) facility at the airport.
"The aircraft will be moved to the hangar once UK engineering teams arrive with specialist equipment, thereby ensuring there is minimal disruption to scheduled maintenance of other aircraft," the spokesperson said.
The F-35B is the only fifth generation fighter jet with short takeoff and vertical landing capabilities, which allows it to operate from smaller decks, austere bases and ships.
The official said the aircraft would return to active service once the repairs and safety checks are completed.
"Ground teams continue to work closely with Indian authorities to ensure safety and security precautions are observed. We thank the Indian authorities and Thiruvananthapuram international airport for their continued support."
The aircraft was unable to return to HMS Prince of Wales due to adverse weather conditions.
Engineers from HMS Prince of Wales had assessed the aircraft after the emergency landing and determined that support from UK-based engineering teams was required.
The Indian Air Force had said a few days after the incident that it was providing all necessary support for the "rectification and subsequent return" of the aircraft.
Earlier this month, the HMS Prince of Wales Carrier Strike Group conducted military exercises with the Indian Navy.
In British service, the F-35B is referred to as the 'Lightning'. It is the short takeoff and vertical landing (STOVL) variant of the fighter jet, designed for use from short-field bases and air-capable ships.
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Relatives carry the coffin of a victim, who was killed in the Air India Flight 171 crash, during a funeral ceremony in Ahmedabad on June 15, 2025. (Photo: Getty Images)
TWO weeks after the crash of Air India flight AI-171 in Ahmedabad, families of victims are grappling with grief and trauma. Psychiatrists are now working closely with many who continue to oscillate between denial and despair.
The crash occurred on June 12, when the London-bound flight hit the BJ Medical College complex shortly after takeoff, killing 241 people on board and 29 on the ground. Only one passenger survived.
The emotional impact of the incident continues to affect survivors and relatives of those who died.
Counselling support on the ground
In the immediate aftermath, the Department of Psychiatry at B J Medical College deployed a team of psychiatrists—five senior residents and five consultants—across locations including Kasauti Bhavan, the postmortem building, and the civil superintendent's office to support families.
"The accident was unimaginable. Even bystanders were disturbed. Then what must be the condition of someone who lost their loved one?" said Dr Minakshi Parikh, Dean and Head of Psychiatry at BJMC.
"If the people who heard the news were so disturbed, then it is not even within our scope to imagine the state of mind of the family members of people who lost their lives," she told PTI.
Processing grief in stages
As visuals of the crash began to circulate, families arrived in large numbers—many still hoping their relatives had survived. The existence of a lone survivor gave rise to hopes that it might be their loved one.
"There was an uncertainty whether one would be able to identify the loved ones they have lost and wait for matching of the DNA samples for three days. In some cases, samples of another relative of the kin had to be taken. The shock would have logically led to acute stress reactions and post-traumatic stress disorder," said Dr Parikh.
Dr Urvika Parekh, assistant professor and a member of the crisis response team, said denial was the immediate response among many families.
Facing denial and despair
"They kept asking for updates, insisting their family member had survived. Breaking the news gently, while having no confirmation ourselves, was incredibly difficult. We had to provide psychological first aid before anything else," she said.
Parekh said the hope placed on the lone survivor became a coping mechanism. "We had to deal with the denial and explain that nobody could have survived the horrific crash (except one who was not their relative)," she added.
Families were initially reluctant to accept counselling. "It was also difficult to accept the truth without seeing the bodies of their loved ones. Counselling aided them at this critical juncture," Parekh said.
She shared the case of a man who remained silent after losing his wife in the crash. "There was immense guilt—survivor guilt (that he is alive and his wife died). We gave him anti-anxiety medication to help ease the immediate stress. Eventually, he began to speak. He talked about their plans, their memories. It was catharsis. We didn't interrupt—we just let him speak and communicated through silence and empathy,” she said.
Parekh said that listening empathetically was a major part of the process. "We were managing their anger, outburst, and their questions like 'why us' (why did it have to happen to us)," she said.
The wait for DNA results was another major source of distress. With confirmation taking up to 72 hours or more, some families insisted they could identify their loved ones without DNA.
"There was one father who kept saying he didn't need DNA tests—he could identify his son by his eyes," said Parekh. "We had to gently discourage that. Seeing their loved ones in such a state could trigger PTSD and depression. We told them: it's better to remember them with a smile than with charred remains.”
Dr Parikh said the five commonly known stages of grief—denial, anger, bargaining, depression, and acceptance—were not experienced in a fixed sequence.
Lingering grief and support
"People cycle through these stages. Someone might accept the loss in the morning and fall back into denial by evening,” said Parekh. "So we mourned with them. That was part of the therapy".
Parekh stays in one of the residential buildings near the crash site. Her building was not damaged.
Some families found the waiting unbearable. One Air India crew member’s family had to wait seven days for DNA confirmation. “The exhaustion, the helplessness—it broke her mentally,” a relative said. “But the counselling helped. Those sessions were our only anchor."
"A calm voice, the right amount of information, and simply being there—these saved a lot of families from spiralling into chaos,” said Dr Parikh.
(With inputs from PTI)
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Prime minister Keir Starmer delivers a speech at The British Chambers of Commerce Global Annual Conference in London on June 26, 2025. (Photo by EDDIE MULHOLLAND/AFP via Getty Images)
PRIME MINISTER Sir Keir Starmer has admitted he was wrong to warn that Britain could become an "island of strangers" due to high immigration, saying he "deeply" regrets the controversial phrase.
Speaking to The Observer, Sir Keir said he would not have used those words if he had known they would be seen as echoing the language of Enoch Powell's notorious 1968 "rivers of blood" speech.
"I wouldn't have used those words if I had known they were, or even would be interpreted as, an echo of Powell. I had no idea – and my speechwriters didn't know either," he explained. "But that particular phrase – no, it wasn't right. I'll give you the honest truth – I deeply regret using it."
Starmer made the remarks last month while announcing new immigration controls. He had said that without proper rules, "we risk becoming an island of strangers, not a nation that walks forward together."
The comments sparked fury from Labour MPs and other critics who accused him of copying the language of Powell, the former Tory minister whose inflammatory speech warned that native Britons had "found themselves made strangers in their own country" because of immigration.
Former Labour shadow chancellor John McDonnell said Sir Keir was "reflecting the language of Enoch Powell," while suspended Labour MP Zarah Sultana branded the speech "sickening."
Diane Abbott, Britain's first black female MP, called the phrase "fundamentally racist."
Sir Keir accepted full responsibility for the mistake, saying he should have "read through the speech properly" and "held it up to the light a bit more." He also acknowledged there were "problems with the language" in a policy document where he claimed recent immigration had caused "incalculable" damage to Britain.
The climbdown marks another reversal for the Labour leader, who has faced criticism for changing course on several policies including winter fuel payments and welfare reforms. Just this week he watered down controversial benefit changes to avoid a rebellion from his own MPs.
Reform UK leader Nigel Farage seized on the apology as proof that Sir Keir "has no beliefs, no principles and just reads from a script."
Shadow justice secretary Robert Jenrick said it showed the prime minister "doesn't believe in borders or the nation state."
Despite the backlash when the speech was first delivered, Downing Street had initially defended the comments.
The prime minister's spokesman said they "completely rejected" comparisons to Powell and confirmed Sir Keir stood by his words.
Home secretary Yvette Cooper had also backed the prime minister, arguing his remarks were "completely different" to Powell's and highlighting how he had praised Britain's diversity "in almost the same breath."
London mayor Sadiq Khan and Welsh First Minister Eluned Morgan had both distanced themselves from the language at the time, with Khan saying they "aren't words that I would use."
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Sir Sajid Javid (Photo by Tom Nicholson-WPA Pool/Getty Images)
A cross-party group has been formed to tackle the deep divisions that sparked last summer's riots across England. The new commission will be led by former Tory minister Sir Sajid Javid and ex-Labour MP Jon Cruddas.
The Independent Commission on Community and Cohesion has backing from both prime minister Sir Keir Starmer and Tory leader Kemi Badenoch. It brings together 19 experts from different political parties and walks of life.
It was set up following the violent unrest that broke out in 27 towns and cities after three young girls were killed in Southport last July. False claims about the attacker's identity spread rapidly on social media, helping to fuel the disorder.
Sir Sajid warned that Britain has become a "tinderbox of division" due to years of neglect. He said governments have only acted when tensions boil over, rather than dealing with the root problems. "We are more disconnected as a country than at any point in our modern history," he told reporters. "There is a pandemic of loneliness that has spread across the country."
According to Javid, who served as communities secretary, home secretary and chancellor in the cabinets of David Cameron, Theresa May and Boris Johnson, social cohesion had been treated as a “second tier” issue by successive governments.
“Communal life in Britain is under threat like never before and intervention is urgently needed," he told the Telegraph. "There have been long-term, chronic issues undermining connections within our communities for several decades now, such as the degradation of local infrastructure from the local pub to churches, the weakening of family units, growing inequality, declining trust in institutions and persistent neglect from policy-makers."
He pointed to several factors making the situation worse, including high levels of immigration that haven't been properly managed, rising cost of living pressures, social media spreading extremist views, declining trust in public institutions, and the breakdown of local community spaces like pubs and churches.
Cruddas, who represented Dagenham for over 20 years, said the commission would listen directly to people across Britain rather than impose solutions from Westminster.
Over the next 12 months, the panel will examine what's driving people apart and develop practical recommendations for government. The group includes former West Midlands mayor Sir Andy Street, ex-Green Party leader Caroline Lucas, and counter-extremism expert Dame Sara Khan.
The commission is being supported by the Together Coalition, which was founded by Brendan Cox after his wife, MP Jo Cox, was murdered by a far-right extremist in 2016.
Sir Sajid remains optimistic about Britain's future, saying the country has "phenomenal attributes" to overcome its challenges. The commission aims to create "a vision for communities that all British citizens can buy into."
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Masum was seen on CCTV trying to steer the pram away and, when she refused to go with him, stabbed her multiple times before walking away and boarding a bus. (Photo: West Yorkshire Police)
A MAN who stabbed his estranged wife to death in Bradford in front of their baby has been convicted of murder.
Habibur Masum, 26, attacked 27-year-old Kulsuma Akter in broad daylight on April 6, 2024, stabbing her more than 25 times while she pushed their seven-month-old son in a pram. The baby was not harmed.
Bradford Crown Court heard that Akter had been living in a refuge since January after Masum threatened her with a knife at their home in Oldham. Masum tracked her using her phone location and confronted her after she left the refuge to meet a friend, believing he was in Spain.
Masum was seen on CCTV trying to steer the pram away and, when she refused to go with him, stabbed her multiple times before walking away and boarding a bus. He was arrested three days later in Aylesbury, Buckinghamshire.
Kulsuma Aktergetty images
Masum, of Leamington Avenue, Burnley, had admitted manslaughter and possession of a knife but denied murder. He was found guilty of murder, stalking, making threats to kill, and assault by beating.
The Crown Prosecution Service said the attack was “planned and premeditated”. West Yorkshire Police described it as a “brutal” daylight attack. Det Ch Insp Stacey Atkinson said Ms Akter “should have been safe”.
The Independent Office for Police Conduct found no breach of standards by officers involved prior to her death. Masum is due to be sentenced on 22 July.
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