After Hamleys, Mukesh Ambani eyes struggling UK retailer Debenhams

Mukesh Ambani-led Reliance Industries Ltd has reportedly joined the race to snap up British multi-retail chain Debenhams, according to a Sky News report.

Ambani's oil-to-retail conglomerate bought British toy chain Hamleys earlier this year and is now in talks to either partially or completely buy the 242-year-old Debenhams, the Sky News report said.

Reliance group's 'participation in the Debenhams sale process may ultimately involve only bidding for a part of the British department store chain's assets,' the report further added.

Debenhams, that runs franchise stores selling clothing, beauty products, furniture and more, filed for administration in April 2020 and is currently owned by a consortium of lenders.