Reliance Industries plans to bid for UK retail company ‘Boots’: Report
RIL-Sutra to bid for British company
According to media reports, Reliance is considering a joint bidding with American company Apollo Global Management. It is expected that after the deal, Boots may expand into India and South Asia.
Reliance Industries ,Reliance Industries) UK Retail (Retail) Joint bid with American company Apollo Global Management for the company ‘Boots’ (bid for UK retail major) is considering installing. According to the UK newspaper ‘The Financial Times’, the US-based private company is working with India’s Reliance Industries on bidding for Boots, a company running health and beauty retail business. Last week itself, Reliance Industries canceled its Rs 24,713 crore deal with Future Group after it was not approved in the meeting of secured creditors.
Boots may expand in India after the deal
The newspaper report said that if this joint bid is successful, then Boots’ business can be expanded to South-East Asia and West Asia, including India. The paper said that people with knowledge of the matter said that under the plan Reliance and Apollo Global will have equity stake in Boots, but it is not clear whether their stake will be equal. At present, neither side has issued any statement in this matter. Apollo declined to comment on the matter, while Reliance Industries is yet to respond to the news.
Deal with Future canceled only last week
Last week itself, Reliance Industries canceled its deal with the Future Group. Nearly 21 months after Reliance Industries Ltd announced a deal worth Rs 24,713 crore to acquire Future Group’s retail, wholesale, logistics and warehousing assets, Reliance Industries Ltd on Saturday said it cannot continue with the deal as secured lenders Voted against this deal. Reliance Industries said in a communication to the stock exchanges that Future Retail Limited (FRL) and other Future Group companies have conveyed the results of the meetings held at the beginning of the week to approve the deal. According to this, the deal has been accepted by a majority of shareholders and unsecured lenders but secured creditors have rejected the offer. It is believed that after the cancellation of the deal with Future, the company has started looking for a new deal in the retail sector.