Indian group Reliance Retail eyes Debenhams

Indian retail tycoon Mukesh Ambani is reportedly a potential suitor for Debenhams.

Ambani’s Reliance Retail empire, which earlier this year bought British toy store Hamleys, is one of a small batch of companies in talks with Debenhams’ advisers about acquiring part or all of the company, Sky News reports.

Sources told Sky that there was no certainty that a formal bid by Reliance would materialise, though one said the Indian group's interest seemed to be serious. According to insiders, Reliance may be seeking to bid for only part of Debenhams’ assets.

It comes after the 242-year-old high street stalwart fell into ‘light touch’ administration back in April - a process being handled by restructuring firm FRP Advisory. An auction for the UK company, coordinated by investment bank Lazard, has been underway for several weeks.

Photo credit: Debenhams