Reliance Retail, which is owned by India and Asia’s richest man Mukesh Ambani, is no longer keen to buy the British retailer Debenhams Plc. This was confirmed by The Sunday Times.
It was only last month that there was lot of buzz in the retail industry about Reliance Retail emerging as a possible suitor to make a bid on the ailing fashion retailer though the Group never commented on the same.
Also Read: India’s richest man eyeing Debenhams
According to sources close to the sales process, while Reliance Retail is no longer in the race, multiple parties continue to remain interested in the firm.
If the auction fails to get a buyer for the retailer, it would be difficult to prevent Debenhams from getting liquidated.
Here it is important to mention that investment firm Lazard has been overseeing Debenhams’ sales process in the UK and had asked interested buyers to submit their offers by 1 September though there was no immediate resolution.
Meanwhile, last month Debenhams also considered selling its Danish business Magasin du Nord, which is expected to generate anything between £150 million and £200 million.
Also Read: Debenhams to sell its Danish business; Frasers Group shows interest
Watch this space for more details
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