India’s Reliance Industries has appeared as another potential bidder for UK chemist Boots.
The firm joins TDR Capital, which owns supermarket chain Asda, a consortium of CVC Capital Partners and Bain Capital, and US investment firm Apollo in the race to acquire the high street retailer.
Reliance is in the early stages of exploring a bid and there is no guarantee that the company, owned by billionaire Mukesh Ambani, will confirm one going forward.
Ambani, who is one of India’s richest men, is in the process of pivoting his business.
Reliance Industries has traditionally focused on oil gas, but the billionaire has been seeking ways to tap into the large consumer market in India, as well as securing deals in Europe in telecoms and retail.
US giant Walgreens kicked off the sale of Boots in January with a £7bn price tag but is also said to be exploring the possibility of an IPO.
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