Mukesh Ambani to rescue Debenhams?

One of India’s richest men, Mukesh Ambani has emerged as a surprise contender to rescue the ailing high street brand, Debenhams out of troubled waters.

Sky News reports that Ambani’s Reliance company is among a number of parties in talks with advisers about acquiring the 242-year old business.

Reliance is yet to table a formal offer but sources say that serious thought is being given on the next step.

Ambani had bought the British store, Hamleys last year.