India: Kraft Heinz to sell brands to Zydus

Multinational food and beverage company Kraft Heinz has annoucned an agreement to sell its India brands to consumer health firm Zydus, the personal care arm of Indian pharmaceutical company Cadila Healthcare, for approximately $625 million on a debt free and cash free basis.

The portfolio of brands includes Complan, Glucon-D, Nycil and Sampriti.

“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”, commented Bernardo Hees, chief executive of Kraft Heinz. “India continues to be a key market for Kraft Heinz, and in fact, we’re strengthening our commitment to expand and grow our Heinz sauces and Kraft business in India”.

The transaction is expected to close in early 2019.

Source: KraftHeinz (via BusinessWire)