Kraft Heinz to sell part of India business for about $630 million
Indian pharmaceutical and consumer products company Zydus Wellness and its parent Cadila Healthcare will jointly buy the assets to expand their portfolio to also include brands such as talcum powder Nycil and clarified butter, Sampriti Ghee, the companies said in a statement on Wednesday.
Complan, along with GlaxoSmithKline’s health drinks brands Horlicks, was very popular until about a decade ago, when consumers used these products for supplemental nutrition along with milk.
Their popularity has since waned, with sales growth slipping, as consumers grew wary of the sugar content in these products and the health claims made by these brands.
“The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories,” Kraft Heinz Chief Executive Bernardo Hees said in a statement. ■