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. Mukesh Ambani-led Indian oil-to-retail conglomerate is now mulling bidding for a cosmetics maker that filed for Chapter 11 bankruptcy protection in the United States. 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 the 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.
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