The deal will make Hamleys Reliance's first overseas retail brand, expanding its current portfolio which is primarily focused in Indian supermarkets. RIL's Reliance Lifestyle Holdings already runs and operates Indian franchise of the Hamleys brand and has 88 stores across 29 cities in India. Adding Hamleys would give Reliance 167 stores across 18 countries.
Reliance Brands signed a definitive agreement to acquire a 100 percent stake in Hamleys Global Holdings Limited from Hong Kong-based C Banner International for a cash consideration of GBP 67.96 million, Reliance said in a statement.
The Chinese group bought Hamleys in 2015 for 100 million pounds from France's Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled.
C Banner wrote off $49.8 million in goodwill and brand value related to Hamleys, its annual report showed.
President and chief executive of Reliance Brands, Darshan Mehta, said: "This 250-year-old English retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm".
Currently, RIL retail arm Reliance Retail has the licence to sell Hamleys' products in India.
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The company is named after William Hamley, who founded a toy shop called "Noah's Ark" in London, in 1760.
Hamleys opened it flagship Regent Street London store in 1881.
This flagship store is set over seven floors covering 54,000 sq ft, with over 50,000 lines of toys on sale.
Having established itself as India's leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India.
For the fiscal 2018-19, Reliance Retail reported a revenue of Rs 1.30 lakh crore - an 88.68 per cent growth which is the highest by any retailer in the country.
The group's retail business doubled revenue to 356 billion Indian rupees ($5.1 billion) in the three months to December 31 while earnings before interest and tax more than tripled to 15 billion rupees.