Apollo and Reliance mull joint bid for Boots

US buyout firm Apollo Global Management and Reliance Industries are planning a joint bid for UK retailer Boots.

A spokesman for Apollo confirmed the move, which was first reported by the Financial Times, to Reuters. Reliance – the Indian conglomerate controlled by Mukesh Ambani, the country’s second-wealthiest man – and Boots have yet to comment.

Both Apollo and Reliance would hold equity stakes under the proposed plan, the FT reported, although it was not clear how large the stakes would be.

Should the deal go ahead, it would see the 173-year-old chemist chain – which has around 2,200 stores in the UK – expand significantly into India, south east Asia and the Middle East. Analysts have valued the retailer at between £5bn and £6bn.

Boots is owned by US group Walgreens Boots Alliance. It put the business up for sale earlier this year as part of a plan to refocus on the American market, and has reportedly said a deadline of mid-May for bids.

Reliance owns a range of business, from British toy shop Hamleys to oil and telecoms companies.