Indian conglomerate Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy, business channel ET Now reported on Friday, citing sources.
The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.
Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in telecom and retail sectors.
Shares of Revlon jumped 20% to $2.36 in premarket trade following the report. Reliance was up 1.9% in the Mumbai market.
Reliance and Revlon did not immediately respond to Reuters’ requests for comment.