Mukesh Ambani’s Reliance, Apollo plan joint bid for Walgreens’ Boots business: Report

Mukesh Ambani-owned Reliance Industries Ltd and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, according to a Reuters report.

The joint bid for Walgreens Boots Alliance's UK-based business, if successful, would see Boots expand its presence into India, Southeast Asia and the Middle East, the report added.

Both RIL and Apollo would own stakes in Boots under the plan, although it is not clear whether the stakes would be of the same size, as per the report.

Walgreens put its Boots business up for sale after announcing a strategic review in January as the second-largest US pharmacy chain renews its focus on domestic healthcare.

The firm has set a deadline of May 16 for bids, the Financial Times reported.

But the sale, which could value the UK chain at between 5 billion pounds and 6 billion pounds ($6.27 billion and $7.52 billion), has been fraught with challenges, according to the report.

Prominent suitors Bain Capital and CVC Capital Partners have dropped out of the bidding process, the report said, adding that the owners of UK supermarket group Asda - brothers Mohsin and Zuber Issa and private equity group TDR Capital - have also made an initial bid for Boots.

The Boots business spans across 2,200 stores in Britain, including pharmacies, health and beauty stores.