Mumbai : GlaxoSmithKline is seeking initial bids by mid-September for its India-focused Horlicks health nutrition business, which is expected to fetch more than $4 billion, according to sources.
Potential acquirers are likely to include major food and consumer products groups, such as Nestle, Pepsico and Reckitt Benckiser, the sources said. The large Indian consumer business could also be of interest to other food and drink companies. GSK and Reckitt declined to comment, while spokesperson at Nestle and Pepsico were not immediately available. The main asset on the block in the sale is GSK’s majority stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare.
Horlicks is more than 140 years old with origins dating back to 1873, when two British-born men, James and William Horlick, first founded a company in Chicago to manufacture the drink. It was introduced to India by Indian soldiers who had fought with the British Army in the First World War.
