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GIP, others eye stake in Mumbai airport; 3 suitors start due diligence on GSK biz
Photo Credit: Reuters

Mumbai International Airport Ltd (MIAL) has received non-binding bids for a minority stake from three suitors including US-based private equity firm Global Infrastructure Partners, a media report said.

Infrastructure-focussed investment manager AMP Capital and German airport operator AviAlliance are the other two bidders, Mint reported, citing two people aware of the development it didn't name. 

The report said Hyderabad-based GVK Group is planning to sell a part of its stake in MIAL to raise money for its projects.

MIAL operates the Mumbai international airport. GVK holds a 50.5% stake in MIAL, South Africa’s Bidvest Group 13.5% and Airports Company South Africa 10%. The remaining 26% stake is held by Airports Authority of India. MIAL is also developing the Navi Mumbai airport.

GVK is seeking an enterprise valuation of around Rs 20,000 crore for MIAL, the report said.

Bidvest is also planning to sell its entire stake in MIAL, according to the report.

In another development, multinational companies Nestle, Unilever and Coca-Cola have started due diligence on GlaxoSmithKline’s consumer nutrition business in India, The Economic Times reported.

Citing three people aware of the development, the report said the value of India nutrition business could be about $4 billion.

Morgan Stanley and Greenhill are advising GlaxoSmithKline on the transaction, according to the report.

In March, GlaxoSmithKline had initiated a strategic review of milk drinks brand Horlicks 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 strategic review includes an assessment of GlaxoSmithKline’s 72.5% stake in Mumbai-listed GlaxoSmithKline Consumer Healthcare Ltd.
A GlaxoSmithKline Consumer Healthcare spokesperson told the financial daily that the review is expected to be concluded in December.

In a similar transaction, Zydus Wellness agreed on Wednesday to buy the Indian unit of The Kraft Heinz Company, which makes malt-based drink Complan, for Rs 4,595 crore ($626 million)

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