Reliance Industries Ltd. agreed to purchase Metro AG’s Indian unit for 28.5 Indian billion rupees ($344 million) because the nation’s greatest retailer run by billionaire Mukesh Ambani additional expands his footprint.

Metro will see a transaction achieve of about €150 million at closing, and better earnings per share are anticipated, the corporate stated in a statement late Wednesday. The transaction with Reliance Retail Ventures is predicted to shut by March 2023.