Beverage major Coca-Cola Co. and Indian drugmaker Zydus Cadila are among the potential bidders for the Indian consumer division of Kraft Heinz Company, a US-based food and beverage major, said reports.
Citing people, the reports said that bids are expected in the range of $550 million to over $700 million.
Kraft Heinz, said The Economic Times, has been seeking about $1 billion for the assets on the block, which include powder consumables Complan and Glucon-D.
JPMorgan is advising Kraft Heinz on the sale, said the newspaper.
Kraft Heinz’s brands in India include Complan, Glucon-D, Nycil, Heinz and Sampriti Ghee.
Citing people, The Times of India said that Tata Global Beverages dropped out of the race owing to lack of interest in all the brands up for sale.
Separately, GlaxoSmithKline initiated a strategic-sale review of its powder consumable brand Horlicks, which competes with Complan, and its other nutrition products in order to support its $13 billion deal to buy Novartis’ 36.5% stake in consumer healthcare joint venture.
The strategic-sale review includes an assessment of GlaxoSmithKline’s 72.5% stake in Mumbai-listed GlaxoSmithKline Consumer Healthcare Ltd.
In another report, The Times of India, citing people, said that Tata Sons may increase its stake in budget carrier AirAsia India to 51% from 49% by buying shares of the airline’s chairman, S Ramadorai, and non-executive director, R Venkataramanan.
Malaysia’s AirAsia Berhad holds 49% stake in the airline. Venkataramanan and Ramadorai hold 1.5% stake and 0.5% stake, respectively.
Citing a person, the report said that the board of Tata Sons had discussed on acquiring the stake but no deadline has been set to close the transaction.
Earlier this year, the Central Bureau of Investigation (CBI) had filed a case against Venkataramanan, AirAsia chief executive Tony Fernandes and other suspected aides for criminal conspiracy to alter rules for getting international flying licences.
In another development, Jindal Steel, ACB India, Sterlite Power Transmission, JSW Energy and Adani Power have submitted expressions of interest for debt-laden Monnet Power, The Economic Times reported, citing two people aware of the development.
Monnet Power is currently undergoing bankruptcy proceedings at the National Company Law Tribunal (NCLT).
The company owes about Rs 6,000 crore to the lenders, according to the report.
Monnet Power is subsidiary of Monnet Ispat and Energy. In July, NCLT approved the sale of 75% stake in Monnet Ispat & Energy to a consortium of alloy maker JSW Steel and distressed assets player AION Capital.