Hamleys, the famous British toy retailer, has been sold to India’s Reliance Industries for a reported £68m in cash.
Reliance Industries, which runs the world’s biggest single-location crude oil refinery in western India, has been gradually transforming itself from an energy conglomerate into a consumer group through its retail and telecoms ventures.
The company’s Reliance Brands subsidiary signed an agreement yesterday to buy Hamleys from Hong Kong-listed C Banner International Holdings.
