ITC open to buying Horlicks at ‘right price’

ITC open to buying Horlicks at ‘right price’

FPJ BureauUpdated: Wednesday, May 29, 2019, 07:31 AM IST
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Kolkata : Diversified conglomerate ITC on Friday said it is open to acquisition of GlaxoSmithKline’s (GSK) Horlicks brand when it is put up for sale, provided the price is “right”.

“We would explore buying the Horlicks brand if it is up for sale and at a right price,” managing director of ITC Sanjiv Puri said on Friday. According to reports, ITC is in the list of suitors for the popular malt-based health drink brand Horlicks. Nestle, Dabur, Mondalez, Kraft Heinz and Hindustan Unilever were the others also believed to be in the fray.

GSK had gone for a strategic review of the Horlicks brand to fund the Novartis deal pegged at $13 billion.

Puri also said the revenues from the non-tobacco business was 59 per cent of the overall revenues and operating capital employed was Rs 19,000 crore.

“There is progress in the newer businesses in the non-tobacco segment. Categories in the non-tobacco business which had acquired scale now has the capacity to provide better financial returns going by the EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization),” Puri said.

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