INSUBCONTINENT EXCLUSIVE:
Shares of GlaxoSmithKline Consumer Healthcare have advanced nearly 9% in India trading this year.UK pharmaceutical giant GlaxoSmithKline Plc
has requested bids by mid-September for its $4.3 billion Indian consumer-health unit, which owns the popular malted milk brand Horlicks,
people with knowledge of the matter said.Glaxo has sent out an information memorandum with preliminary details about the business to
possible suitors, according to the people, who asked not to be identified because the information is private
The sale has attracted interest from potential bidders including Nestle SA, PepsiCo Inc
and Reckitt Benckiser Group Plc, they said.The UK drugmaker announced in March that it aims to complete a strategic review of Horlicks and
other nutritional products by the end of this year
The company is assessing its 72.5 per cent holding in India-listed GlaxoSmithKline Consumer Healthcare Ltd
Proceeds from a potential sale could be used to finance Glaxo's $13 billion buyout of Novartis AG's stake in their consumer-health joint
venture.Representatives for Glaxo and Nestle declined to comment
Spokesmen for Reckitt and Pepsi had no immediate comment.Glaxo's review of assets includes its 82 per cent stake in the Dhaka-listed
GlaxoSmithKline Bangladesh Ltd., as well as marketing rights to some consumer-health brands in other emerging economies including Malaysia,
There's no certainty the deliberations will lead to a transaction, and the parent company may yet decide to keep the businesses, they
said.Shares of GlaxoSmithKline Consumer Healthcare have advanced nearly 9 per cent in India trading this year, giving the company a market
value of Rs 29,900 crore ($4.3 billion).(GlaxoSmithKline Consumer Healthcare owns brands like Boost and Viva.)The Indian division's brands
include Boost, a malt-based drink that's been endorsed by cricket legend Sachin Tendulkar, as well as Viva, a beverage that contains wheat
and barley, and chocolate caramel drink Maltova, its website shows.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
