(Reuters) –Reliance Industries Ltd, an Indian conglomerate, and Apollo Global Management (NYSE 🙂 (NYSE 🙂 plan to jointly bid for Boots UK’s high-street pharmacy chain Boots. A spokesperson for Apollo said Wednesday.

According to sources, The Financial Times first reported the news about the partnership, saying that Boots would expand its reach into India and Southeast Asia. (https://on.ft.com/3vPItzo)

The plan would see Apollo and Reliance owning stakes in Boots, but it isn’t clear if they would share the same amount, as per the FT report.

Boots, however, declined to comment.

Walgreens Boots Alliance (NASDAQ) has put their Boots business on the market after an announcement in January that it was going through a strategic review. The second largest U.S. pharmacy chain, Walgreens Boots Alliance, is refocusing its attention to domestic healthcare.

Asda UK’s brothers Mohsin Issa, Zuber Issa, and TDR Capital private equity group made an initial bid to buy Boots. Boots is estimated at $5 billion-$6 billion (£6.27 billion-$7.52 billion), according to the report.

Boots has 2,200 locations in Great Britain, which includes pharmacies and beauty, over its 173 year-old company.

Reliance, which is the second most valuable company in India by market value, is managed by Mukesh, India’s richest man. It operates diverse businesses, including oil and gas, retail chains, and telecom networks.

Reliance has been on a buying spree in recent years and bought iconic UK companies such as Hamleys toy shop, 2019 and Stoke Park, last year.