India’s Reliance Considers Acquiring Revlon In U.S.

India's Reliance Considers Acquiring Revlon In U.S.

Reliance Industries, an Indian conglomerate, is considering buying Revlon Inc in the United States just days after the cosmetics behemoth filed for bankruptcy. The news comes after Revlon filed for bankruptcy earlier this week, citing rising raw material costs and vendor demands for upfront payments due to global supply chain delays.

Revlon filed for Chapter 11 bankruptcy protection, citing a large debt burden and a sophisticated supply network as reasons.

As it diversifies away from its traditional oil sector, Reliance has moved into the fashion and personal care industry in recent months. It has already made a name for itself in the telecommunications and retail industries.

Following the release of the study, Revlon’s stock soared 20% during premarket trading. In the Mumbai stock market, Reliance was up 1.9 percent. The company anticipates receiving $575 million in possession financing from its existing lender base, which will aid in the company’s day-to-day operations.

In what has been a years-long period of retail difficulty, Revlon is the first big consumer-facing company to apply for bankruptcy protection.

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