Oil-to-retail conglomerate Reliance Industries Ltd (RIL) is said to be in the race to acquire Debenhams, a British multinational retailer operating department stores in the UK with franchise stores in other countries, Sky News reported on Wednesday. “The Reliance Retail empire, which last year bought the world-famous British toy store Hamleys, is among a small number of parties in discussions with advisers to Debenhams about acquiring part or all of the 242-year-old retailer," the Sky News report said, adding that people close to the process had indicated that the chain was keen to agree to a takeover by the end of September. However, better-than-expected trading has relaxed the urgency of that timetable in recent weeks, they said. Debenhams, which is currently owned by a consortium of lenders, has been in administration since April, with investment bankers at Lazard responsible for coordinating talks with potential buyers, Sky News said. RIL subsidiary Reliance Brand...
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