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The Boots business spans across 2,200 stores in the UK, including pharmacies, health and beauty stores, according to the chain’s website.
Deliberations are ongoing and there is no certainty Reliance will make a bid for Boots. Both Walgreens and Reliance were not immediately available for comments.
US-based Walgreens said in January it was conducting a strategic review of the Boots business as the second largest U.S. pharmacy chain renews its focus on domestic healthcare.
Other suitors for Boots include TDR Capital, which owns supermarket chain Asda, a consortium of CVC Capital Partners and Bain Capital as well as U.S. investment firm Apollo.
($1 = 0.7635 pounds)
