Indian tycoon Mukesh Ambani prepares to buy Boots Business

One of India’s richest businessmen is preparing a joint takeover bid for the Boots chain of stores.

Mukesh Ambani, the largest shareholder and chairman of Reliance Industries, is reportedly working on a potential offer with US takeover firm Apollo Global Management.

If successful, Mumbai-based Reliance would seek to expand one of the UK’s best-known retailers into India, Southeast Asia and the Middle East, the Financial Times first reported.

It comes after Boots owner Walgreen Boots Alliance decided to put the chemist up for sale following a review of the business in January as it renews its focus on US business.

Under the plan, Reliance and Apollo would hold stakes in Boots which would be valued at between £5 billion and £6 billion, although it is unclear whether they would be the same size.

However, Indian conglomerate Reliance is unlikely to file a standalone bid.

Mr Ambani is the eighth richest person in the world and the second richest person in Asia, with an estimated net worth of more than $100billion (£80billion), according to the Bloomberg Billionaires Index.