Indian Conglomerate Reliance Eyes Bankrupt Revlon: Reuters

• Indian conglomerate company Reliance Industries is mulling acquiring cosmetics maker Revlon Inc (NYSE: REV), Reuters reported.
• The development comes in the wake of Revlon filing for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
• Revlon is facing heavy debts as it struggles to compete with brands driven by social media influencers.
• After establishing a foothold in the telecom and retail sector, Reliance plans to disrupt the fashion and personal care space as part of its plan to diversify from its mainstay petroleum business, the report added.
• Price Action: REV shares are trading higher by 52.3% at $2.97 in premarket on the last check Friday.
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