India’s Reliance plans to buy Revlon in the US: report
BENGALERU:
Indian conglomerate Reliance Industries plans to buy Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy, AND now reported Friday, citing sources.
Reliance and Revlon did not immediately respond to Reuters requests for comment.
The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted suppliers to demand upfront payments.
Reliance has forged its way into the fashion and personal care space in recent months by diversifying away from its core oil business. He has already established a foothold in the telecommunications and retail sectors.
Shares of Revlon jumped 20% to $2.36 in premarket trading after the report. Reliance rose 1.9% in the Mumbai market.
Reliance and Revlon did not immediately respond to Reuters requests for comment.
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