WORLD


Britain`s most famous toy shop, Hamleys, bought by India`s richest man

London, May 11, AZERETAC 

The 259-year-old toy seller­Hamleys has been acquired by India`s richest man, Mukesh Ambani, for an undisclosed sum.

Mr Ambani`s conglomerate Reliance Industries confirmed yesterday that it had signed an agreement with the retailer`s Chinese owner C Banner International Holdings. The energy-to-telecoms group, which is targeting growth of 30pc a year, is seeking to transform itself into a consumer-facing business through its retail and telecoms ventures. It already has the licence to sell Hamleys ­products in India. Darshan Mehta, the chief executive of Reliance Brands, said: “The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail.”

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