Sat. Oct 1st, 2022

Reliance Industries, one of the Indian behemoth, is contemplating buying out Revlon Inc in the United States, business channel ET Now said on Friday, citing sources.

The news comes after Revlon declared bankruptcy earlier this week, blaming global supply chain problems for driving up raw material costs and forcing vendors to seek upfront payments.

In recent months, Reliance has expanded into the fashion and personal care sectors as it diversifies away from its core oil industry. It has already made inroads into the telecom and retail sectors.

Following the revelation, Revlon shares soared 20% to $2.36 in premarket activity. In the Mumbai market, Reliance was up 1.9 percent.
Reliance and Revlon did not react promptly to Reuters’ enquiries.

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

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