Ambani plans takeover bid for UK-based chain Boots

New Delhi: Billionaire Mukesh Ambani is reportedly planning a takeover bid for the UK high street chain Boots, a media report said.

Ambani is the biggest shareholder and chairman of retail-to-energy group Reliance Industries. Reliance is reportedly working on the potential bid with US buyout firm Apollo Global Management, reports the BBC. Earlier this year, the Walgreen Boots Alliance announced a review of the Boots business and reportedly put the company up for sale.

The deal could see Boots expand into India, Southeast Asia and the Middle East, according to The Financial Times, which first reported the joint bid citing people familiar with the matter. Under the plan, Reliance and Apollo would reportedly own stakes in Boots, although it was not clear whether they would be equal partners in the business, the BBC reported.

Boots, which has more than 2,200 pharmacies, health and beauty stores in the UK, could be valued at as much as $7.5 billion.

The Walgreen Boots Alliance, Reliance and Apollo have not responded to the development.