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India’s Reliance Considers Buying Out Revlon In U.S.


Reliance has pushed its manner into the style and private care area in current months because it diversifies away from its mainstay oil enterprise. It has already established a foothold in telecom and retail sectors.

Indian conglomerate Reliance Industries is contemplating shopping for out Revlon Inc within the United States, days after the cosmetics big filed for chapter, enterprise channel ET Now reported.

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 manner into the style and private care area in current 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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