Indian billionaire Mukesh Ambani plans bid for UK retailer Boots

Indian billionaire Mukesh Ambani is planning a takeover bid for the UK high street chain Boots.

Mr Ambani is the biggest shareholder and chairman of retail-to-energy group Reliance Industries.

Mumbai-based Reliance is working on the potential bid with US buyout firm Apollo Global Management.

The Walgreens Boots Alliance announced a review of the Boots business and reportedly put the company up for sale.

The deal would see Boots expand into India, Southeast Asia and the Middle East.

Reliance and Apollo would own stakes in Boots, although it was not clear whether they would be equal partners in the business.

Boots – which has more than 2,200 pharmacies, health and beauty stores in the UK – could be valued at as much as £6bn ($7.5bn)

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