Mukesh Ambani, India's richest man, drops out of the business
The Reliance retail group's interest was not serious
The sale of Debenhams took a turnaround this weekend when India's richest man, who was seen as a potential favourite, withdrew from the race to buy the struggling network of department shops. Last month, Mukesh Ambani's Reliance Retail emerged as a surprise suitor for Debenhams, who collapsed into management for the second time in a year in April. A source close to the process, approaching the final stages, said Reliance was no longer involved, but several parties remained interested.
Source: The Times
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