India’s richest man Mukesh Ambani buys iconic toy store

(FASTNEWS|COLOMBO) – India’s richest man Mukesh Ambani has bought the iconic British toy retailer Hamleys for an undisclosed sum.

Reliance Brands Limited, which is owned by Mr Ambani, said it had signed an agreement to buy the company from China’s C Banner International which had acquired it in 2015.

Hamleys, which was founded in 1760, is the world’s oldest toy retailer and has 167 stores across 18 countries.

Reliance Industries already operates 88 Hamleys stores across 29 Indian cities.

According to Forbes, the 62-year-old Mr Ambani is worth $50.7bn.