Hong Kong (CNN Business) India's richest man just bought Britain's most iconic toy store chain.

Reliance, owned by billionaire Mukesh Ambani, is buying Hamleys from its Chinese owner C Banner International for around £68 million ($88 million).

The deal, announced late on Thursday, will give Ambani complete control of Hamleys' 167 stores in 18 countries. Reliance already owns the rights to the brand in India, where it operates 88 Hamleys franchise stores.

Amazo AMZN almar, WMT Ambani's purchase will further his push into retail as he prepares to compete withand Wwhich have po ured billions i nto India as they try to cash in on the fast-growing e-commerce market.

"The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," Reliance Brands CEO Darshan Mehta said in a statement, describing it as a "long cherished dream come true."

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