Reliance Industries studying possible bid for Walgreens' Boots chain

Billionaire Mukesh Ambani’s Reliance Industries Ltd. is weighing a possible bid for Walgreens Boots Alliance Inc.’s international drugstore unit, according to people familiar with the matter.

Reliance is in the early stages of exploring the feasibility of an offer for the Boots chain, the people said, asking not to be identified discussing confidential information.

Ambani, one of India’s richest men, is in the midst of pivoting his traditionally refining-focused conglomerate toward businesses that will better help him tap India’s billion-plus consumers. He’s also been chasing deals in Europe, including in the telecoms sector.

Boots could be valued at as much