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  • Now only Reliance is the applicant
  • Issa Bros had stopped the way

Mukesh Ambani, the owner of Reliance Industries, had been trying for a long time to make a big deal in Britain. Now he’s closed in on that deal, which will be Reliance’s biggest overseas deal to date.

This offer was made to the pharmaceutical company Boots
Reliance Industries has long been trying to buy the Boots brand from Walgreens. Now, Bloomberg has reported that Reliance Industries and takeover firm Apollo Global Management Inc. has made a binding offer to do so. Now, if this deal goes through, it will be Reliance’s biggest overseas deal to date. Boots is one of the largest drug delivery companies in the world.

See also: Mukesh Ambani surpasses Gautam Adani in wealth, here is the list of the top 10 billionaires

According to the news, Reliance has offered £5 billion or around Rs 48,123 crore to buy the company. Although this deal was not so easy for Reliance.

British-Gujarati Issa Bros had blocked the way
Mukesh Ambani hails from Gujarat. His path to this deal was also stopped by the Anglo-Gujarati Issa Brothers. In fact, in the first round of bidding for Boots, the biggest bid was submitted by Issa Bros. Mohsin Issa and Zuber Issa, from Bharuch in India, had bid for the deal through their company Euro Garages. It is one of the largest petrol pump companies in Europe. Along with these, these brothers also have a British supermarket chain Asda and a restaurant chain Leon.

The two brothers had bid for this acquisition with TDR Capital, but now they have withdrawn their names. Because he felt Walgreens’ valuation was high. Meanwhile, debt has become expensive in Britain, which would make it difficult for them to raise loans for this deal.

Now only Reliance is the applicant
Previously, Walgreens put a valuation of 7 billion pounds or around Rs 67,372 crore to sell Boots. From now on, because of the withdrawal of the name of Issa Brothers, there remains only the consortium Reliance and Apollo in front of him. Boots has over 2,200 stores in the UK. The company also owns a private label as No.7 Beauty. At the same time, the company has a great activity in other countries of Europe.

Boots is not Reliance’s first foreign contract. In March this year, the company, through its subsidiary Reliance New Energy, bought the American company Lithium Works for around $60 million. This company is associated with Lithium Battery Technology. Whereas before that, Reliance also bought 262-year-old British toy company Hamleys.

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