Coca-Cola, Nestle & Unilever shortlisted by GSK for Horlicks sale

GlaxoSmithKline (GSK) has shortlisted Nestle, Unilever and Coca-Cola for the second round of bidding for its Indian nutrition business, which includes the Horlicks brand. GSK will sell 72.5% stake in its Indian subsidiary.

The auction process had witnessed some of the world's biggest food and drinks companies including PepsiCo, General Mills, Reckitt Benckiser, Danone, and Kellogg's compete alongside homegrown ITC and private equity buyout funds such as KKR to purchase the GSK's consumer portfolio.

Earlier, ITC has withdrawn itself from the bidding race as it is of the view that the brands do not fit its portfolio.

Some bidders have opted out of the race while others were not shortlisted for the second round. It's not clear how many bidders are still in the race.

GlaxoSmithKline Plc CEO Emma Walmsley had earlier said, "The company is initiating a strategic review of Horlicks and its other consumer healthcare nutrition products, and that it's exploring partial or full sale of its 72.5% stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare."