Walgreens Boots Alliance has received a binding offer from Reliance Industries and Apollo to take over the Boots UK business, it has been reported. 

India-headquartered conglomerate Reliance and private equity firm Apollo teamed up to make the bid, which according to the Financial Times values the company at between £5bn and £6bn.

Boots parent company WBA had reportedly valued the UK’s largest multiple at £7bn. It reportedly plans to maintain a stake in the business following the completion of any deal. 

If Reliance is successful in its takeover bid, it plans to expand the chain into India and other Asian countries according to Bloomberg, which first reported the bid. 

Asda owners the Issa brothers and a consortium made up of private equity firms Bain and CVC both previously abandoned bids over concerns about WBA’s price expectations .

WBA and Reliance have been approached for comment.