Sector News

Kraft Heinz to sell part of Indian businesses to drugmaker Zydus: Bloomberg

October 24, 2018
Food & Drink

Kraft Heinz Co has agreed to sell a portfolio of its Indian businesses, including children’s drink brand Complan, to Indian drugmaker Zydus Wellness Ltd, Bloomberg reported on Tuesday, citing sources.

The deal with Ahmedabad-based Zydus, which is a unit of Cadila Healthcare Ltd, could be announced as early as this week, the report said, adding that Zydus has been discussing a value of about 46 billion rupees ($625 million) for the businesses.

Earlier this month, the Indian media had reported that Zydus was close to a deal with Kraft Heinz for brands including Glucon-D and Nycil.

Kraft Heinz declined to comment on the report. Cadila Healthcare and Zydus Wellness did not immediately respond to Reuters request for comment.

By Soundarya J

Source: Reuters

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