Reliance Industries is in talks to buy centuries-old British toy retailer Hamleys as the company expands its presence in the consumer space, sources said.
Currently, Reliance Industries’ retail arm Reliance Retail has the licence to sell Hamleys’ products in India.
Due-diligence
Reliance Industries is said to be aggressively pursuing the deal and due diligence for buy-out is in advanced stages, sources said.
When contacted, Reliance declined to comment.
“As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis,” a Reliance Industries spokesperson said.
In 2015, China’s C.banner International had acquired Hamleys in a £100-million deal. In October last year, Sky News reported that C.banner International, which is listed on the Hong Kong Stock Exchange, had launched a strategic review of the loss-making Hamleys and was looking to sell it. Hamleys was founded in 1760. In the past few years, Reliance Industries had been diversifying beyond its core business of refining and petrochemicals and had emerged as a strong player in the telecom and retail businesses.
