The enormous corporate giant Reliance Industries Limited, led by billionaire Mukesh Ambani, is constantly broadening its boundaries to introduce major foreign brands in India. This time, Mukesh Ambani is nearing an agreement with the sizable Walgreens Boots Alliance, a UK pharmaceutical giant.
While Mukesh Ambani’s Reliance is making significant attempts to purchase the firm and transfer its medicine shops and pharmaceutical operations to India, Walgreens Boots Alliance Inc. is a big league, multi-billion dollar organisation with its headquarters in the United Kingdom.
Reliance Industries, headed by Mukesh Ambani, and Walgreens Boots Alliance are nearing an agreement for the purchase of the latter’s chemists and international pharmacy operations. Bloomberg cited individuals who said that Ambani had offered the UK-based business a massive offer.
According to reports from Outlook and the Economic Times, Mukesh Ambani’s RIL is joining up with the US-based private equity company Apollo Global Management Inc. to buy the well-known pharmacy chain Boots, which has locations in both the US and the UK.
Ambani’s business struck a huge agreement with Walgreens to purchase its pharmaceutical brand Boots, raising the company’s worth to almost USD 6.5 billion, or about Rs 53,400 crore in Indian rupees.
Since the pharmaceutical industry has branched out into internet markets, Walgreens has been struggling. If Mukesh Ambani’s offer is approved, the UK-based firm would keep a little interest in their company while Reliance will hold the majority of the power.
If the Reliance-Walgreens merger is successful, it is anticipated that Mukesh Ambani would increase earnings by expanding the business to India and opening an online pharmacy, fiercely challenging competitor applications like Rata Tata’s Tata 1mg and Apollo Pharmacy.
Mukesh Ambani made the bid last year, and it’s anticipated that Walgreens Boots will make a decision shortly, giving the billionaire one more international purchase under his belt.