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Mukesh Ambani-led RIL acquires British toy retailer Hamleys

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Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

Mumbai: In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday announced it has acquired iconic British toy retailer Hamleys from Chinese firm C Banner International for an undisclosed sum.

Of late, the toy company has struggled financially due to uncertainties owing to Brexit and economic slowdown in the UK.

 

Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

 

Reliance Brands, a subsidiary of Reliance Industries, has signed a definitive agreement with Hong Kong-listed firm C Banner International, to acquire 100 per cent shares of Hamleys, the company said in a statement.

The deal will give the Indian acquirer complete control of Hamleys retail operations spread over 167 stores across 18 countries. Reliance, which already has the master franchise for Hamleys in India, will also get to own 88 stores across 29 cities that is currently operates.

 

Reliance Industries acquires British global toy company Hamleys:

 

The company is named after William Hamley, who founded a toy shop called ‘Noah’s Ark’ in London, in 1760. Ownership of the shop passed through the family and by 1837 when Hamley’s grandsons operated the store, it had become famous. People belonging to the royalty and nobility were among its customers.

 

Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

 

“We have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This worldwide acquisition places Reliance in the frontline of global retail,” said Darshan Mehta, President and CEO of Reliance Brands.

C Banner International acquired Hamleys in 2015 in a 100 million pound deal.

 

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Fake currency notes worth Rs 1 crore deposited in RBI

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Fake currency notes worth Rs one crore have been deposited in various banks which then deposited the same in the Reserve Bank of India.

The assistant manager of Reserve Bank of India in Lucknow’s Metropolitan Kotwali has filed a complaint after fake notes worth Rs one crore were deposited in several banks between 2017 and 2018.

Assistant manager Ranjana Maravi said that 15,436 fake notes were deposited in the currency chest of the Reserve Bank of India between October 2017 and March 2018.

During the investigation, 9,753 notes of Rs 500 and 5,783 notes of Rs 1,000 were found to be fake. The total fake notes recovered is close to Rs 1.05 crore.

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Ranjana Maravi has also asked the metropolitan police to conduct a forensic examination of the seized notes.

Inspector Mahanagar Yashkant Singh said a case has been registered on the complaint of Ranjana Maravi, and an investigation was underway.

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