Nestlé, Unilever eye GSK’s consumer nutrition biz; Ebix may list Indian biz
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Multinational companies Nestlé and Unilever are in advanced negotiations to acquire GlaxoSmithKline’s (GSK’s) consumer nutrition business in India, The Economic Times reported.

Citing three people aware of the development, the report said that while Nestlé is ahead with a better offer, beverage giant Coca-Cola has quit the race.

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

In March, GSK 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 GSK’s 72.5% stake in Mumbai-listed GlaxoSmithKline Consumer Healthcare Ltd.

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

Separately, Nasdaq-listed software firm Ebix Inc. is in discussions with investment banks for an initial public offering of its Indian business, Mint reported.

Citing two people aware of the development, the report said Ebix plans to list the business in the second half of the next year.

Ebix, a software service provider to the financial, e-commerce services and healthcare industries, has been on an acquisition spree in the country.

The firm hit the headlines in India after it acquired digital payments company ItzCash in May last year and followed it up with the acquisition of online-to-offline travel agency Via in October 2017.

The company's recent deals include buying Business Travels Pvt. Ltd to expand its Via travel business and picking up a 67% stake in Delhi-based Routier, a marketplace for trucking logistics.

In another development, social-impact investment firm Aavishkaar-Intellecap Group is raising Rs 225 crore (around $31 million) from New York-based Teachers Insurance and Annuity Association of America (TIAA), Mint reported.

Citing people aware of the development, the report said the funding will support the growth of its asset management, lending business and fund new strategic initiatives.

Aavishkaar-Intellecap Group has three businesses – equity investments under Aavishkaar Venture Management Services, advisory services under Intellecap and debt funding vehicles under Arohan, IntelleGrow and IntelleCash.

Last year, Aavishkaar-Intellecap Group had raised $25 million (about Rs 170 crore) in an equity funding round led by Triodos Investment Management and Shell Foundation.

TIAA provides financial services in the academic, research, medical, cultural and government fields. As on 30 September, it had $1 trillion in assets under management.

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