Billionaire Mukesh Ambani wants to buy Boots in the UK.
Mukesh Ambani plans to buy UK high street brand Boots.
Mr. Ambani is the majority shareholder and chairman of Reliance Industries.
Reliance is collaborating with US buyout company Apollo Global Management.
The Walgreens Boots Alliance put the Boots firm up for sale earlier this year.
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Boots will expand into India, Southeast Asia, and the Middle East as well as boost its UK business.
Reliance and Apollo would own shares in Boots, though it remained unclear if they would be equal partners.
Boots, which has over 2,200 pharmacies, and health and beauty outlets in the UK, might be for £6 billion ($7.5 billion), according to the Financial Times.
Mr. Ambani is the world’s eighth richest man.
The 65-year-old is also Asia’s second-richest individual, according to the Bloomberg Billionaires Index.
His late father Dhirubhai Ambani started Reliance Industries, a textile producer.
It presently has activities in petrochemicals, oil and gas, telecoms, and retail.
Mr. Ambani owns over 49% of Reliance Industries.
The Ambani family already has tens of millions of pounds in the UK.
In 2019, Mr. Ambani’s Reliance Brands Limited acquired the toy shop Hamleys for an unknown fee.
Reliance Industries bought Stoke Park for £57 million last year.
The destiny of Boots, founded in 1733, has been uncertain for months.
“Following its previously announced priorities and strategic direction, which include increasing focus on US healthcare,” the Walgreens Boots Alliance said in January.
A decision that is best for Boots’ future and all stakeholders will be made in due course, the business stated.
The owners of Asda, Mohsin and Zuber Issa, and TDR Capital are said to have made an initial proposal for Boots.
Mukesh Ambani has been promoting Reliance Industries as a retail giant.
Its retail goals span luxury clothes, gadgets, and food.
It has over 12,000 outlets across India, making it India’s fastest-growing and most lucrative retailer.
Mukesh Ambani has been investing in his e-commerce business to compete with Walmart-owned Flipkart and Amazon.
Reliance Retail alone received nearly $3.5 billion in foreign investment in September 2020.
Google and Facebook made significant investments in Mukesh Ambani’s telecoms and online retail firms.
His global ambitions include the legendary toy shop Hamleys, which he bought in 2019.
Analysts say Reliance has been lacking a piece of the pharmaceutical and wellness market, which it hopes to gain through a partnership with Boots.
Online pharmacies have recently grown in popularity in India, and this partnership would allow Reliance to enter the market quickly.
Because huge online shops like Walmart and Amazon sell everything, niche businesses have failed to gain traction in India’s massive market.
In addition, Reliance’s international pharmacy and wellness strategy will be watched closely.