// India’s Reliance and Apollo Global have launched a joint bid for Boots
// If successful, the deal would see Boots expand its presence into India, Southeast Asia and the Middle East
India’s largest listed company Reliance Industries and US private equity firm Apollo Global Management are planning a joint bid for Boots, a spokesperson for Apollo confirmed.
If their bid for Boots is successful, both Reliance and Apollo would own stakes in the business, although it is not clear whether the stakes would be of equal size.
According to the Financial Times, the deal would see Boots expand its presence into India, Southeast Asia and the Middle East.
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Earlier this month it emerged that Reliance, owned by billionaire Mukesh Ambani, was weighing a possible bid for Boots
Boots has set a deadline of May 16 for potential suitors to place their final offers for the business after owner Walgreens Boots Alliance put the UK company up for sale.
The owners of Asda, brothers Mohsin and Zuber Issa and private equity group TDR Capital, have also made an initial bid for Boots.
A deadline for bids has been set for mid-May.
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