U.K. 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.
Representatives for Glaxo and Nestle declined to comment. Spokesmen for Reckitt and Pepsi had no immediate comment.
Shares of GlaxoSmithKline Consumer Healthcare have advanced nearly 9 percent in India trading this year, giving the company a market value of 299 billion rupees ($4.3 billion).
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.