Reliance Retail Limited, Chia Tai Group Company Limited and Bundl Technologies Private Limited (Swiggy) are competing with Premji Invest Limited, the investment fund managed by the family office of Indian tech billionaire Azim Premji, to buy the Indian cash-and-carry operations of Metro AG (XTRA:B4B), said multiple people involved. Tata Sons Private Limited and Bain Capital, LP are evaluating the $1 billion to $1.5 billion buyout opportunity but are yet to firm up any plans, said the people mentioned above. The submission of non-binding offers is scheduled for this week.

Flipkart-Walmart, DMart and Amazon have for the moment opted out of the race. Detailed due diligence will start after the non-binding offers are received with firm offers expected in two months.ET was the first to report, on May 20, Metro's decision to exit India by selling its local operations and that at least 10 potential candidates including Reliance, CP Group, Flipkart, D-Mart had been approached. On May 30, ET reported Swiggy, backed by Prosus Ventures (formerly Naspers), Qatar Investment Authority and GIC of Singapore among others, was evaluating the prospect.

Reliance Retail spokesperson said: "As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis."PremjiInvest, CP Group, Swiggy, Tata and Bain Capital didn't respond to queries sent on June 25, 2022. Financial investors like PremjiInvest are likely to be open to partnering shortlisted candidates.

Amazon and Walmart too might follow a similar strategy, although they are staying out of the competitive bidding as of now. JP Morgan and Goldman Sachs are the advisors to Metro. Strategic intent for contenders like CP Group, Reliance and Swiggy, Metro offers the opportunity to consolidate the wholesale retail, ecommerce play or an India entry.