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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