Reliance Industries Limited, the massive business conglomerate headed by billionaire Mukesh Ambani, is always expanding its horizons to bring big international brands in India. This time, Mukesh Ambani is closing in on a deal with a massive UK pharmaceutical company called Walgreens Boots Alliance.
Walgreens Boots Alliance Inc is a major league, multi-billion dollar company centered in the United Kingdom, while Mukesh Ambani’s Reliance is making major moves to acquire the company and bring its drug stores and pharmaceutical business to India.
Mukesh Ambani-owned Reliance Industries is closing in on a deal with Walgreens Boots Alliance, set to acquire its international drugstore units and chemists. As quoted by Bloomberg, sources said that a whopping offer has been made by Ambani to the UK-based company.
As per Outlook and Economic Times reports, Mukesh Ambani’s RIL is forming a consortium with US-based private equity firm Apollo Global Management Inc to acquire the popular pharmaceutical chain Boots, based in Britain and US.
Ambani’s company has made a whopping deal with Walgreens to acquire its pharma brand Boots, which has put the company’s valuation at around USD 6.5 billion, which roughly translates to Rs 53,400 crore in Indian currency.
Walgreens has been struggling since the pharmaceutical business has expanded to online markets, and if Mukesh Ambani’s deal goes through, the UK company will retain a minor stake in their organization, while Reliance will have the majority of the control.
It is expected that if the Reliance-Walgreens deal is successful, Mukesh Ambani will be boosting profits by introducing the company in India and launching an online drug store, giving tough competition to rival apps like Rata Tata’s Tata 1mg and Apollo Pharmacy.
The offer was made by Mukesh Ambani last year and it is expected that Walgreens Boots will be taking a decision soon, adding yet another feather of foreign acquisitions in the billionaire’s cap.
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