Reliance Retail, owned by Indian tycoon Mukesh Ambani, has withdrawn from the race to buy Debenhams Plc, The Sunday Times reported, quoting a source close to the process.

Reliance had denied previous reports that it was in talks about buying all or part of Debenhams.

Multiple parties remained interested in the company, according to The Sunday Times.

The UK department store was taken over by creditors in a debt-for-equity swap in 2019 and entered into administration for the second time in a year in April. It will be liquidated if the auction, run by Lazard, fails to secure a buyer.