Billionaire Mukesh Ambani may be eyeing British high-street chain Boots.
His Reliance Industries (RIL), along with US buyout firm Apollo Global Management, is reportedly considering a joint bid for the Nottingham-based retail brand. If all goes by Ambani’s plan, Boots could soon make its India debut along with an expansion in southeast Asia and the Middle East.
“Reliance and Apollo Global would own equity stakes in Boots under the plan, but it is not clear whether their stakes would be the same size,” a Financial Times report said.
Boots, a popular healthcare and beauty retail brand, has more than 2,000 stores across the UK and is reportedly valued at around $7.5 billion.
Last December, Boots’s US-based parent firm put it up for sale, focusing on domestic healthcare instead.
This acquisition could help Ambani’s RIL strengthen its retail foothold outside India and expand its share within the country, too. RIL is already India’s largest retailer.
In 2019, RIL acquired the popular British toy store chain Hamleys for an undisclosed amount.