Mukesh Ambani-owned Reliance Industries Limited is in the mood to make a big deal. For this, the company can join hands with US buyout firm Apollo Global Management Inc. Let us tell you that in the past, Apollo Global Management had also shown interest in buying social media platform Twitter. However, Elon Musk has reached an agreement to acquire Twitter for about $ 44 billion. However, let’s know the details of Mukesh Ambani’s Reliance and Apollo deals.
What is Reliance’s deal: According to a Reuters report, Reliance and Apollo Global Management together plan to make a joint bid for UK-based high street pharmacy chain Boots. Under the scheme, both the groups are proposed to have an equity stake in Boots. If this deal is successful, then jointly led by both companies, Boots will be able to expand to other countries of Asia including India. Let us tell you that there are more than 2,000 Boots stores in the UK.
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Deadline till May 16: Boots’ US parent company Walgreens Boots Alliance put the business up for sale last December. May 16 has been set as the deadline for bidding for those interested in buying the business.
Reliance has got this success: This news comes at a time when the market capitalization of the company increased to over Rs 19 lakh crore during the day’s trading on Wednesday due to a jump in the shares of Reliance Industries. RIL became the first Indian company to cross this mark of market capitalization. Shares of RIL rose 1.85 per cent to a record high of Rs 2,827.10 during the day’s trading on the BSE.
The company’s market capitalization reached Rs 19,12,814 crore in morning trade on BSE after the rise in share price. However, RIL shares closed at 2,777.90 at the end of trading. The company’s market capitalization at this closing price was Rs 18,79,237.38 crore.