Reliance’s Mukesh Ambani loses interest in Debenhams, says report
Mukesh Ambani-led Reliance Retail is said to have withdrawn from the race to buy Debenhams, The Sunday Times reported, quoting a person close to the process.
Reliance had denied previous reports that it was in talks to buy all or part of Debenhams. Multiple parties remained interested in the firm, according to paper.
The UK department store was taken over by creditors in a debt-for-equity swap in 2019, and entered into administration for the second time in a year, in April. It will be liquidated if the auction fails to secure a buyer.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Sun, October 11 2020. 23:34 IST
