Kraft Heinz to Sell Its Consumer Food Division in India for $1 Billion

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Kraft Heinz to Sell Its Consumer Food Division in India for $1 Billion

US-based food and beverage major The Kraft Heinz Company is in exploratory talks with potential buyers to sell its consumer food division in India at a valuation of about $1 billion.

Private equity firms Blackstone and Carlyle, and strategic buyers Abbott, Emami, Wipro Consumer Care, Zydus Wellness and ITC are among the suitors in the fray, the report said, citing people aware of the development.

Kraft Heinz’s brands in India include Complan, Glucon-D, Nycil, Heinz and Sampriti Ghee.

Kraft Heinz had given the mandate to JPMorgan and Lazard for advising on the sale, according to the report.

The development comes after GlaxoSmithKline initiated a strategic review of milk drinks brand Horlicks, which competes with Complan, and its other consumer healthcare nutrition products businesses in order to support its $13 billion deal to buy Novartis’ 36.5% stake in their consumer healthcare joint venture.

The majority of Horlicks and other nutrition products sales are generated in India. The strategic review will include an assessment of GlaxoSmithKline’s 72.5% stake in Mumbai-listed GlaxoSmithKline Consumer Healthcare Ltd.

 

Source: Economic Times

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