Indian billionaire Mukesh Ambani’s Reliance Industries is said to be considering a bid for chemist chain Boots.
Ambani, Reliance Industries' largest shareholder and chairman, is reportedly planning an offer with Apollo Global Management (NYSE:APO) (Apollo Global Management (NYSE:APO)), a US buyout firm.
Boots, the UK’s largest chemist chain, may fetch up to £7bn (US$9.12bn) in a sale.
Private equity groups CVC and Bain withdrew from takeover talks last month after indicating they would only pay £4bn for the Walgreen-owned business.
Mumbai-based Reliance would seek to expand one of the UK's best-known retailers into India, Southeast Asia, and the Middle East if a deal is successful, the FT reported.
Ambani is the world's 11th richest man with a net worth of US$94.9 bn, according to Bloomberg, and is said to want to move the refining-focused business into businesses that will better cater to India's billion-plus consumers.
Ambani is also said to be pursuing a number of deals in Europe's telecom sector.
Walgreens announced earlier this year it would be selling Boots and interest was shown by private equity firms Apollo Global Management (NYSE:APO) (Apollo Global Management (NYSE:APO)) and TDR Capital.
Bain Capital and CVC Capital Partners also joined forces and were said to be early favourites before ending their interest.