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Indian Billionaire Mukesh Ambani Plans To Acquire UK Medical Chain Boots.

Indian billionaire Mukesh Ambani plans to acquire UK medical chain boots. They are in the process of bidding with Apollo Global Management, a Mumbai-based Reliance US buyout company. Ambani is the largest shareholder and chairman of Reliance Industries, a retail-to-energy group.

Earlier this year, boot owner Walgreens announced a review of the Boots Alliance boots business and put the company up for sale. The agreement will pave the way for Bootlace to expand into India, Southeast Asia and the Middle East, and to grow its business in the UK. Under the plan, Reliance and Apollo will acquire stakes in Boots, although it is not clear whether they will be equal partners in the business.

Boots with more than 2,200 pharmacies and health and beauty stores in the UK are valued at 6 6 billion ($ 7.5 billion), according to the Financial Times, which first reported the news. Walgreens Boots Alliance declined to comment, but Reliance did not immediately respond to a request for comment.

Mukesh Ambani is the Chairman of Reliance Industries and is the eighth richest man in the world. The 65-year-old is also the second richest man in Asia with a net worth of more than $ 100 billion, according to the Bloomberg Billionaires Index. The company is now one of the largest companies in India - with businesses including petrochemicals, oil and gas, telecom and retail. Ambani currently owns more than 49 per cent stake in Reliance Industries. The Ambani family already has assets worth millions of pounds in the UK.

In 2019, Reliance Brands Ltd, owned by Mr Ambani, bought toy retailer hamleys for an undisclosed amount. Last year, Reliance Industries acquired British country club Stoke Park for 57 million. Mukesh Ambani is raising his foothold in the retail sector by highlighting Reliance Industries as a giant in the sector. Reliance's retail ambitions range from luxury fashion to electronics and groceries. It is the fastest growing and most profitable retail business company in India with over 12,000 stores across India.

Ambani is also investing in expanding its e-commerce operations to compete with Walmart-owned Flipkart and Amazon. In September 2020 alone, Reliance Retail brought in about $ 3.5 billion in foreign investment. Some of the biggest investments came from Google and Facebook, which helped Ambani integrate the telecom and online retail businesses.

His ambitions are not limited to India as he looks at business around the world like the iconic toy shop hamleys he bought in 2019. Analysts say the loss of Reliance is part of the pharmacy and wellness sector - which it intends to gain through an alliance with Boots. India has recently seen an increase in online pharmacy retailers and this potential deal will enable Reliance to track its entry into the sector faster.

But as big online retailers like Walmart and Amazon are all selling out, retailers offering more specific ranges are struggling to gain a foothold in the massive Indian market. It will also focus on how Reliance stands in the pharmacy and wellness business abroad.

The future of the 173-year-old boots business is in question for months to come. In January, its US-based owner, the Walgreens Boots Alliance, said it had launched a strategic review of the retailer that "includes a focus on US health care, in line with recently announced priorities and strategic direction." The company said it would make further announcements in a timely manner after reaching the right decision for the future of boots and all stakeholders. The owners of the UK supermarket group Asda - brothers Mohsin and Subar Issa - and private equity firm TDR Capital have also reportedly made initial bids for the boots.


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