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Reliance Industries plans joint bid for UK retail chief: report


Reliance Industries is considering a joint bid with US retailer for UK retailer Boots

London:

Mukesh Ambani, led by Reliance Industries, is considering a joint bid with US buyout firm Apollo Global Management for Britain’s well-known retailer Boots, according to a British media report on Thursday.

According to The Financial Times, the US private equity firm is working with one of India’s richest businessmen on a bid for the Nottingham headquarters health and beauty retail chain. If successful, it is expected to lead to Boots expansion to India, Southeast Asia and the Middle East.

The newspaper said people familiar with the matter said Reliance and Apollo Global would own shares in Boots under the plan, but it was not clear if their interests would be the same size.

So far, Apollo has declined to comment and Reliance Industries has not yet responded to inquiries.

Boots’ US parent company, Walgreens Boots Alliance, launched the business in December last year to focus on healthcare in its local market. It set a May 16 deadline for bidding, one of the people told the newspaper.

Boots, a popular UK pharmacy chain, has more than 2,000 stores across the country and reportedly receives about 45 per cent of its estimated GBP 6 billion in annual revenue from providing services such as prescriptions and vaccinations to the UK’s state-run National Health Service (NHS).

Mr Ambani’s other major acquisition in the UK in recent years was in 2019, when he bought the well-known toy retailer Hamleys for an unknown amount.

(Except for the headline, this story has not been edited by techlives staff and is being published from a syndicated stream.)

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