India’s Reliance considers shopping for out Revlon in US: Report
BENGALURU:
Indian conglomerate Reliance Industries is contemplating shopping for out Revlon Inc in the USA, days after the cosmetics big filed for chapter, ET Now reported on Friday, citing sources.
Reliance and Revlon didn’t instantly reply to Reuters’ requests for remark.
The report comes as Revlon filed for chapter earlier this week after international provide chain disruptions drove up uncooked materials prices and prompted distributors to demand upfront funds.
Reliance has pushed its method into the style and private care house in latest months because it diversifies away from its mainstay oil enterprise. It has already established a foothold in telecom and retail sectors.
Shares of Revlon jumped 20% to $2.36 in premarket commerce following the report. Reliance was up 1.9% within the Mumbai market.
Reliance and Revlon didn’t instantly reply to Reuters’ requests for remark.
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