Bankers said Reliance’s overseas subsidiary has tied up with American private equity giant Apollo Global Management to fund the transaction and is in talks to raise funds from overseas banks.
Mukesh Ambani-owned Reliance Industries (RIL) plans to submit a bid, along with Apollo Capital, for British medical retail chain Boots UK by the end of this month, according to people in the know.
The transaction, which would be RIL’s first big-ticket overseas investment after a string of acquisitions in the American shale gas industry, may cost as much as $10 billion.
The deadline for submitting the bid was on Monday but it was extended following a request from the bidders, said a banker. UK-based billionaires, Issa Brothers, who own British supermarket chain Asda are in the race along with private equity firm
First Published: May 18 2022 | 11:13 AM IST