Mukesh Ambani's Reliance Retail pulls out of race to buy Debenhams: Report

Mukesh Ambani's Reliance Retail pulls out of race to buy Debenhams: Report

The Reliance Industries Ltd. logo is displayed atop the company's gas station in Mumbai, India, on Thursday, July 19, 2012. Photographer: Dhiraj Singh/

Reliance Retail, owned by Indian tycoon Mukesh Ambani, has withdrawn from the race to buy Debenhams Plc, The Sunday Times reported, quoting a source close to the process.