Indian billionaire Mukesh Ambani is considering a takeover attempt for the UK high street retailer Boots.
Ambani is the largest stakeholder and chairman of Reliance Industries, a retail-to-energy company. According to the BBC, Reliance is apparently working on a prospective bid with US buyout firm Apollo Global Management.
The Walgreen Boots Alliance launched a review of the Boots business earlier this year, and the company was apparently placed up for sale. According to reports, the transaction could see Boots grow into India, Southeast Asia, and the Middle East. BBC reported, Reliance and Apollo would possess interests in Boots under the idea, however, it was unclear if they would be equal partners in the company. Boots, which has over 2,200 pharmacies, health and beauty outlets in the United Kingdom, might be for up to USD 7.5 billion.
The Walgreen Boots Alliance, Reliance, and Apollo companies have yet to comment on the news.
Reliance becomes first Indian firm to hit Rs 19 lakh cr M-CAP
India's retail business is expected to surpass USD 2 trillion by 2032: Report
