Reliance Industries and Apollo Global Management are planning to team up on a joint bid for Boots.
India’s largest listed company and the US buyout giant said they wanted to expand the pharmacy chain’s presence into India, the Middle East and south-east Asia.
The owners of Asda, brothers Mohsin and Zuber Issa, and private equity group TDR Capital have also made an initial bid for Boots, which is valued at £5bn to £6bn.
Boots has more than 2,000 stores in the UK, many of which require investment.
