Indian billionaire Mukesh Ambani is reportedly planning a takeover bid for Britain’s well-known retailer Boots, according to the BBC report.
Ambani is the biggest shareholder and chairman of retail-to-energy group Reliance Industries.
Reliance Industries is considering a joint 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.
Boots, a popular pharmacy chain in the UK, has more than 2,000 stores across the country and reportedly gets about 45 percent of its estimated GBP 6 billion in annual revenues from providing services such as prescriptions and vaccinations to the UK’s state-run National Health Service (NHS).
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.
The Walgreen Boots Alliance, Reliance, and Apollo have not responded to the development.
Mukesh Ambani is the eighth richest person in the world. The 65-year-old is also the second richest person in Asia, with an estimated net worth of more than $100 billion. Ambani currently owns more than 49% of Reliance Industries.